Feds rule Calif. energy markets were manipulated
Federal regulators say state will get more than $1.8 billion
By CBS.MarketWatch.com
Last Update: 12:25 PM ET March 26, 2003
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WASHINGTON (CBS.MW) - Federal energy regulators ruled Wednesday that California is owed more than the $1.8 billion in refunds ordered by an administrative law judge late last year.
The Federal Energy Regulatory Commission found widespread manipulation of California's electricity and natural gas markets during the state's energy crisis of 2000- 2001.
"The price gouging abounded," Commissioner William Massey said.
However, the commissioners failed to specify how much more the state is owed, saying the amount will be determined over the coming months.
California Gov. Gray Davis is seeking $9 billion in refunds from companies like Reliant (RRI: news, chart, profile), Dynegy (DYN: news, chart, profile) and Mirant (MIR: news, chart, profile) and bankrupt Enron Corp. (ENRNQ: news, chart, profile), which sold electricity into the state during the crisis.
Davis has vowed he won't accept anything less than the full amount the state is seeking. |
