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November 15, 2009

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Key hearing for Nevada utilities delayed

Friday, Oct. 17, 2003 | 11:16 a.m.

Nevada Power Co. and Sierra Pacific Power Co. will have to wait two weeks to make their case to a bankruptcy court judge in New York on a proposal to post collateral in place of a $336 million payment to Enron Corp.

New York Bankruptcy Court Judge Arthur Gonzalez moved the hearing, originally scheduled for this morning, to Oct. 31. The utilities want to post bonds to stay the execution of the judgment that was handed down last month.

The utilities have asked the Federal Energy Regulatory Commission to take up the case. The companies accused Enron of violating market rules when it terminated power contracts in 2002, demanding the payment of penalties. FERC upheld the contracts in June and has yet to act on the latest motion.

Gonzalez on Thursday signed an order barring any moves to enforce the judgment for 60 days.

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