Risk.net

Administrators to pay £24 million to close out Enron Europe contracts

The firm said the number of counterparties could be as many as 1,000.

PwC said it has retained 100 energy traders in Europe to unwind the contracts with counterparties. The firm has budgeted up to £24 million to pay the traders.

The professional services firm said it is difficult to estimate the overall cost of unwinding Enron Europe. “There are 250,000 trades based on future prices, and therefore estimates have to be based on forward curves, which is quite a complicated process,” said Dipankar Ghosh, a PwC partner overseeing the administration of Enron Europe.

So far, £125 million worth of energy contracts and £20 million worth of credit derivatives have been settled.

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