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April 8, 2004 / 4:40 PM

Reliant charged in California power crisis

SAN FRANCISCO, April 8 (UPI) -- Four officers of Reliant Energy were indicted Thursday on charges they conspired to manipulate electricity prices during California's power crisis in 2000.

The U.S. attorney's office announced Thursday a federal grand jury in San Francisco had indicted the four as well as the Houston energy company itself on charges of wire fraud, conspiracy and commodities manipulation.

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According to prosecutors, Reliant shut down four of its power plants in June 2000 in a deliberate attempt to prevent an anticipated drop in wholesale electricity prices by making it appear the market was short on supply.

The defendants, who will be arraigned Friday in San Francisco, include Jackie Thomas, a former vice president of Reliant's power trading division.

The indictment is the latest in an ongoing investigation into allegations the soaring electricity prices that hit California in 2000 and 2001 were the result of market manipulation.

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Reliant Energy

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