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Technology Stocks : The *NEW* Frank Coluccio Technology Forum
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To: Theophile who wrote (1819)1/18/2001 10:58:13 PM
From: Douglas Nordgren  Read Replies (1) of 46821
 
Looks like you'll get your day in Court - SF Sues Power Firms

sfgate.com

<snip>
At the same time, San Francisco became the first
city to sue power producers on behalf of consumers
facing blackouts and high electricity bills during the
state's energy crisis.

San Francisco City Attorney Louise Renne
announced today that she is suing 13 major energy
suppliers for allegedly conspiring to fix prices and
withholding power supply at critical times in order to
artificially boost prices.

The suit filed in San Francisco Superior Court seeks
to force power companies to return their allegedly
ill-gotten profits -- an estimated $1 billion during the
year 2000 -- to consumers.

"The companies are playing with marked cards,"
Renne said. "They have a very dim allegiance to their
customers. I think consumers know when they are
being conned, and this is a clear instance of
corporations taking advantage of a deregulated market
to make a quick buck."

Companies named in the suit include subsidiaries of
PG&E. The 13 power generators are Dynegy Power
Marketing; Enron Energy Services; Enron Power
Marketing; PG&E Energy Trading; Reliant Energy
Services; Sempra Energy Trading;

Sempra Energy Resources; Southern Co. Energy
Marketing; Williams Energy Marketing and Trading;
Williams Energy Services Co.; Duke Energy Trading
and Marketing; NRG Energy; and Morgan Stanley
Capital Group.

As news of San Francisco's lawsuit spread today,
consumer groups praised the move.

"The problems we're seeing right now have more to do
with greed than the power supply," said Mindy Spatt,
a spokeswoman for The Utility Reform Network in San
Francisco.
</snip>
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