Regulators impose ‘death penalty’ on Enron

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Wednesday, June 25, 2003 | 9:45 a.m.

WASHINGTON -- Federal energy regulators today barred Enron Corp. from selling electricity and natural gas anywhere in the United States, in response to findings that it manipulated Western power markets two years ago.

The Federal Energy Regulatory Commission said Enron would be able to apply to sell power once it emerges from bankruptcy proceedings.

FERC Chairman Pat Wood said it was the first time the commission had imposed its so-called "death penalty" on power sellers.

"We send a clear signal that competitive markets must work in the interest of customers and the public interest," Wood said.

An Enron spokeswoman said the company did not have an immediate comment.

"We will review FERC's decision when it is rendered and will respond accordingly," said Karen Denne. "In the meantime, we are cooperating fully with FERC and other investigations."