US west (2000-2001) energy crisis settlements at $6.3 bln-FERC

http://today.reuters.com/PrinterFriendlyPopup.aspx?type=bondsNews&storyID=uri:2005-12-28T215630Z_01_N28354762_RTRIDST_0_ENERGY-FERC-SETTLEMENTS.XML

WASHINGTON, Dec 28 (Reuters) - The Federal Energy Regulatory Commission said on Wednesday it has helped work out more than $6.3 billion in settlements related to the 2000-01 energy crisis in California and other western states.

In a report to Congress, the agency said it has closed all but one of 60 investigations into market manipulation of the region's energy markets during the two-year period that constrained energy supplies and sent electricity prices soaring.

The FERC said it was frustrated that the refund process is taking so long to conclude, and the agency noted that it did not have the necessary statutory authority to impose bigger civil penalties and fight market manipulation more vigorously.

"No one can dispute that the California refund proceeding has gone on far too long," the commission's report said.

"The lack of closure contributes to uncertainty in California -- some refunds are still owed and owing; investment, and recovery of that investment, is unclear; and the state of the transmission grid and electricity markets remains vulnerable," the commission said.

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God damn them to hell

the whole farking lot of em

Gropinator was their muscle

I wanna scream

and the only amount is 6.3 billion, WHAT ABOUT THE PEOPLE WHO HAD TO PAY FOR THE INCREASED ENERGY COSTS??????

THEY WILL NOT SEE ONE dime of it

I was referring when we were going through the crisis how the * administration was blaming California NOT the energy companies fixing the game

This has been their whole strategy blame the victim

I also dispise the MSM scum for NOT doing their job.

Welcome to corporate takeover.

It must be stopped.

I *still run into people who think that the whole Ca energy crisis was caused by enviromentalists holding up construction of power plants.

The energy companies were manipulating the market and he was right to sue them.

It wasn't excessive government and environmental regulations that kept energy companies from building new energy plants in California; but blatant market manipulation.

Calpine built a slew of power plants in California during that time to capitalize on the energy spikes (you think they had a little inside information on what the market was going to do?). Heck, I was blown away when I 'discovered' three of these power plants built by Calpine less then ten miles from my house. No fanfare, no publicity, they were just quietly built right out in the gas fields south and east of me. Oh, just a side note - Halliburton was busy proving these gas fields in the late nineties and the talk from the crews visiting town was, 'dry holes'. Hmmmm, there was market manipulation from day one - bank on it.

BrotherBuzz