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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: quehubo who wrote (26059)	10/2/2003 11:07:45 AM
From: t4texas	Read Replies (1) \| Respond to of 206323

the oih bumped up against that downtrend line again today. then it pulled away and backed down.

To: quehubo who wrote (26059)	10/2/2003 6:38:42 PM
From: jim_p	Read Replies (2) \| Respond to of 206323

Reliant Resources settles with FERC By Lisa Sanders, CBS.MarketWatch.com Last Update: 6:15 PM ET Oct. 2, 2003 DALLAS (CBS.MW) -- Reliant Resources said it has agreed to pay up to $50 million to settle all investigations by federal regulators into whether it tried to manipulate the energy market in western states two years ago. Houston-based Reliant (RRI: news, chart, profile) said the settlement does not address a pending FERC proceeding to refund money to California consumers. The company said it has created a $103 million reserve to cover the potential liability. Reliant said the proceeds from Thursday's settlement, which could total $50 million, would be paid to a fund to benefit California and western electricity consumers. In addition to the payments, Reliant will offer power generation capacity in California to the market for 2004 through 2006 on a prescribed basis. "Once again, FERC regulators are proving to be the toothless bureaucrats we know them to be," said Steve Maviglio, Gov. Gray Davis' press secretary. "A fine of pennies on the dollar of stolen profits is chump change. Reliant ripped California ratepayers off for billions of dollars and FERC slaps them on the wrist. What incentive is there for generators to play by the rules if they can get away with this?" Shares closed at $5.45, up 20 cents, or 3.8 percent. If the FERC approves Thursday's settlement along with another announced several weeks ago related to "Enron gaming practices," it would put to rest all proceedings and investigations initiated by FERC of Reliant. "Reliant must assume responsibility for its actions," said Joel Staff, Reliant's chairman and chief executive officer. "We intend to conduct our business in a fashion that not only meets the letter and spirit of the law, but also sets a standard of excellence based on the highest ideals of corporate responsibility. To this end, we have implemented a comprehensive set of reforms aimed at ensuring that all of our activities are consistent with a corporate philosophy based on these principles." The company noted that it had settled with Securities and Exchange Commission and the FERC related to another California issue earlier in the year.