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Enron sues Nevada utilities

Tuesday, June 11, 2002 | 11:08 a.m.

Nevada Power Co. and sister utility Sierra Pacific Power Co. of Reno have been sued for $307 million by Enron Power Marketing Inc. over an energy contract that Enron terminated on May 7.

The lawsuit by Enron, the bankrupt Houston energy giant, was filed in U.S. Bankruptcy Court in New York, Nevada Power-Sierra Pacific parent Sierra Pacific Resources disclosed today.

Enron is seeking damages based on the difference between the contract price for energy deliveries through this summer and the current market price for that energy. That difference is about $307 million.

Enron had argued that it terminated its contract with Sierra Pacific's subsidiaries in part because of their poor credit ratings. The Enron contracts covered about 10 percent of the energy the utilities were counting on for the remainder of the year.

Sierra Pacific vowed to fight the suit.

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