PRESIDENT GEORGE W. BUSH Message Board

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Politics : PRESIDENT GEORGE W. BUSH

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To: goldworldnet who wrote (561978)	4/8/2004 5:30:36 PM
From: DuckTapeSunroof	Read Replies (1) of 769670

Reliant Energy and its traders indicted WASHINGTON (CBS.MW) - A grand jury indicted Reliant Energy Services and four of its energy traders Thursday, charging them with manipulating the California energy markets in 2000 and 2001. The six-count indictment alleges that the company - facing a multi-million dollar loss after energy prices dropped - intentionally drove up electricity prices by shutting off its power generation to create the false appearance of a shortage. Reliant Energy Services, a unit of Reliant Resources, allegedly reaped millions in illegal profits from the scheme, according to the indictment. The division is responsible for purchasing fuel and selling power from its generation facilities. In a statement, Reliant (RRI: news, chart, profile) said its subsidiary broke no laws. It was charged with conspiracy, commodities manipulation and wire fraud. cbs.marketwatch.com{D9E0B293-DF50-4ACB-9B94-1FC7737D73EB}&siteid=mktw

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