Minnesota Power Announces Vision for 100 Percent Carbon-Free Energy by 2050

LCG, January 13, 2021--Minnesota Power, an ALLETE company, yesterday announced its vision to deliver 100 percent carbon-free energy to customers by 2050.

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NuScale Power and UAMPS Announce Agreements for Carbon-Free Nuclear Power Project

LCG, January 12, 2021--NuScale Power and Utah Associated Municipal Power Systems (UAMPS) announced yesterday that they have executed agreements to facilitate the development of the Carbon Free Power Project (CFPP).

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Industry News

Justice Department Launches Criminal Probe of Enron

LCG, Jan. 10, 2002--Teams of Justice Department prosecutors are engaged in an investigation of Enron aimed at uncovering details of its finances, and ultimately to what extent it may have misled the financial community, investors and employees by way of off-balance sheet activities.

Four Congressional committees as well as the Securities and Exchange Commission and the Labor Department have thus far been looking into issues surrounding Enron's alleged use of outside partnerships to extend and obscure its own debt. Its revenues gave rise to a high valuation for its stock, meanwhile.

The Justice Department investigation is based in New York, San Francisco and Houston, where Enron is headquartered. In Washington, one of Enron's attorneys, Robert Bennett, was quoted by the Washington Post as saying, "I think this is a positive development. It appears they have centralized the investigation," referring to Justice Department headquarters.

Civil suits have been filed on behalf of investors and employees, who allege that Enron insiders were able to profit from the company's stock valuation by selling their holdings before the stock suffered a steep decline due to a profit restatement covering the previous four years. Employees with retirement accounts were not permitted to sell their own Enron shares.

Representatives of some plaintiffs have urged U.S. District Judge Lee Rosenthal of Houston to place a freeze on financial assets of 29 departed and current Enron insiders who may have made gains on trading profits. Rosenthal is thus far not prepared to do so, but remains open to the possibility. Ken Lay, Enron chairman and chief executive, is scheduled to testify before the Senate Commerce Committee on Feb. 4.

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