Enron on Suspension in California
California grid operators have suspended Enron´s trading and marketing privileges. They say the Houston-based company failed to supply accurate data and enough collateral to cover an estimated shortfall. The California Independent System Operator says the bankrupt energy company owes between $15 million and $50 million that it underreported during the last two years. At issue are meter readings from Enron´s direct access customers. Enron contracted a company to handle those readings, and then told the I.S.O. that it underreported the readings.
Once ranked among the country´s most powerful businesses, Enron was left destitute after an accounting scandal. It´s under investigation by several state and federal agencies for alleged market manipulation in California