Friday, Oct. 31, 2003 | 11:11 a.m.
Nevada's U.S. Senators on Wednesday filed a motion to intervene with the Federal Energy Regulatory Commission on behalf of Nevada Power Co. and Sierra Pacific Power Co. of Reno in their contract dispute with bankrupt Enron Corp.
Democrat Harry Reid and Republican John Ensign said they are supporting the Nevada companies' assertion that Enron did not act in good faith when it cancelled contracts in May 2002 and demanded termination penalties of more than $300 million.
The utilities have asked FERC to rule that Enron violated market rules when it exercised a termination clause in the contract. They also asked regulators to overturn a $336 million bankruptcy court judgment on behalf of Enron.
Separately, a former Enron Corp. executive pleaded guilty Thursday to one count of insider trading, acknowledging he was in on a "senior management" scheme to manipulate the company's earnings to meet or exceed Wall Street's expectations. David W. Delainey, a former chief executive of Enron North America, agreed to cooperate with federal prosecutors in exchange for the plea.
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