California has reached a $1.5 billion settlement with Enron Corp. and its affiliates to resolve claims brought against the company for overcharging California electricity consumers during 2000 and 2001.

The Enron settlement, which needs approval from federal energy regulators and bankruptcy court, is structured to provide $25 million in cash, $875 million in unsecured bankruptcy claims and $22.3 million held at the California Independent System Operator as collateral for meter claims, as well as $600 million in civil penalties and up to $1 million in charges related to the now-defunct California Power Exchange.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access