LOS ANGELES, March 9 (UPI) -- Reliant Energy may be facing a criminal indictment stemming from the California electricity crisis, and has promised it will fight any charges.
Reliant is in hot water over allegations it purposely took a power plant off line in 2000 to cause electricity prices on the open market to climb. Power prices in California soared in 2000 and 2001, pushing major utilities toward bankruptcy and forcing the state to order rolling blackouts.
Reliant agreed last year to pay nearly $14 million in fines to the Federal Energy Regulatory Commission without admitting to any wrongdoing.
Energy analysts said Tuesday the exact nature of the criminal charges was unclear, but would help clarify just which types of market strategies are illegal.
