Reliant Energy Services indicted

Reliant Energy Services — a unit of Houston-based Reliant Resources — and four current and former Reliant employees were indicted on federal criminal charges today in connection with the shutting down of California power plants in 2000 allegedly to increase the price of electricity in that state. Here is a copy of the indictment.
The six-count indictment returned by a federal grand jury in San Francisco results from allegations that Reliant Energy illegally manipulated prices during June 2000 by shutting down four of its five power plants during a two-day period. Reliant Energy and the individuals were each charged with four counts of wire fraud, one count of commodities manipulation, and one count of conspiracy. Reliant Resources issued this statement in response to the indictment.
The four Texans indicted are Jackie Thomas, 49, a former vice president of Reliant Energy’s power-trading division; Reggie Howard, 37, a former director of the west power trading division; Lisa Flowers, 37, a term trader; and Kevin Frankeny, 42, manager of western operations.

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