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Strategies & Market Trends : IPPs and Merchant Energy Co.s
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To: tom pope who wrote (149)9/23/2002 3:49:09 PM
From: RCMac   of 3358
 
Does this imply that $200MM is the extent of the damages, or can FERC impose punitives?

Tom,

I don't know anything about the statutory framework governing FERC and the markets it regulates, but it would be extremely surprising if a federal agency were empowered to impose punitive damages.

I would assume FERC has the power to impose fines of some sort, probably on a statutory schedule, but IMO, a $200 million exaction by FERC, based on the actual economic damages as proved up by the injured party, would surely far exceed any fines per such a schedule. (Of course, it wouldn't be terribly surprising if California's $200 million claim turned out to be a vast overstatement of the damages number California could actually prove up.)

My law practice never touched on FERC matters, so this is subject to correction by anyone who knows more about the specific statutory scheme involved.

Another matter: I agree that it would be useful to have AES on the list.

--RCM
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