SEATTLE - A $1.52 billion multi-state settlement with Enron became official today when attorneys on both sides signed the agreement. Attorney General Rob McKenna first announced the settlement last month. It resolves some of the claims of market manipulation and price gouging stemming from the energy shortage of 2000-2001.
The states of Washington, California and Oregon, as well as some California utilities and other organizations, are parties to the settlement. The agreement must be approved by the Federal Energy Regulatory Commission (FERC) and the Enron bankruptcy court.
Under this settlement, Washington and Oregon each receive more than $22 million in unsecured bankruptcy claims. However, the amount ultimately paid by Enron under the settlement will not be known until the bankruptcy court decides on a distribution amount and schedule, which could take a year or more. Attorneys anticipate the final amount actually received by Washington will be just a few million dollars.
For additional background, see Attorney General McKenna's July 15 news release, available online.
A copy of the Enron settlement is available in PDF format and can be read here.
For more information contact:
Kristin Alexander, Public Information Officer, (206) 464-6432
Brady Johnson, Assistant Attorney General, (206) 389-2848