California urges court to increase refunds from energy crisis

[Judi Lynn]

Posted on Fri, Oct. 10, 2003

California urges court to increase refunds from energy crisis
DAVID KRAVETS
Associated Press

SAN FRANCISCO - California officials are asking a federal appeals court to require that energy companies refund consumers an additional $6 billion in allegedly excessive electricity charges.

Lawyers for state Attorney General Bill Lockyer told a three-judge panel of the 9th U.S. Circuit Court of Appeals on Thursday that California consumers deserve the refunds because energy companies manipulated the market and inflated prices starting in May 2000. The Federal Energy Regulatory Commission this March ordered energy companies to refund $3.3 billion, but California wants the agency to order more refunds.

Paul Stein, a deputy attorney general, told the judges that market manipulation by energy companies produced the "most disastrous run-up in wholesale prices in history."

FERC said in March its investigation found widespread manipulation of natural gas and electricity prices and supplies in California. The commission singled out seven subsidiaries of bankrupt Enron Corp., in addition to Reliant Energy Services Inc. and others, for taking advantage of a dysfunctional market and reaping millions of dollars in unjust profits. (snip/...)

http://www.dfw.com/mld/dfw/business/6979783.htm

[radfringe]

1. with the GROPvenor in charge

and buddies with Ken Lay - California can consider those refunds "terminated"

watch for the spin "...refunds will be put on hold while the GROPvenor reviews the case..."

followed by---

"...forcing companies to be accountable for their actions creates a hostile atmosphere and will drive the companies and their jobs out of California..."

[dutchdemocrat]

2. Bush will pay to prop California back up

Arnie is already on the phone. Bush pays out of fed coffers, Republicans come out heroes. Pretty tough to compete against this one.

The cases will be shoved under the carpet and no one will care because Bushco will foot the bill.

[ReadTomPaine]

3. Or foot a fraction of the bill...

With the other 9 Billion that was discussed plus the current budget, that would give a projected surplus. Too bad we won't see any of it.