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Shares jump on FERC decision

Tuesday, March 15, 2005 | 10:45 a.m.

Sierra Pacific Resources' stock price has surged since the Federal Energy Regulatory Commission announced that it would take another look at disputed contracts between two Nevada electric companies and disgraced energy trader Enron Corp.

FERC issued its order late Friday, and on Monday shares of Sierra -- parent company of Las Vegas-based Nevada Power Co. and Sierra Pacific Power Co. of Reno -- jumped 7.5 percent to close at $11.04.

The stock price was up another 4 cents to $11.08 on early trading this morning. It marks the first time the company's stock has topped $11 a share since 2002.

Enron has demanded $336 million in termination payments from the Nevada utilities for contracts signed and ultimately canceled during the Western energy crisis. FERC is now expected to investigate rules violations on the part of Enron that influenced the contracts in hearings set to begin June 13.

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