To require the Federal Energy Regulatory Commission to revoke the authority granted to Enron to sell electricity at market rates and to prohibit Enron from enforcing certain contract provisions, and for other purposes.
Directs the Federal Energy Regulatory Commission (FERC) to issue an order revoking the authority granted to the Enron Corporation (and any Enron affiliate, bankruptcy trustee for the company, or any successor in interest to Enron or its affiliates) to sell electric energy at market-based rates.
Declares such revocation of market rate authority effective retroactive to the date on which FERC determines that Enron initially engaged in price manipulation of electric energy sales or in any fraudulent activity regarding such sales.
Requires FERC to issue an order prohibiting Enron (and any Enron affiliate, bankruptcy trustee for the company, or any successor in interest to Enron or its affiliates) from enforcing claims for monetary damages or otherwise enforcing contract provisions against the purchaser in the case of certain electric energy or natural gas sales contracts.
Referred to the Subcommittee on Energy and Air Quality.