Energy regulators dismiss PG&E case (re: Ca - energy crisis)

[salin]

Energy regulators dismiss PG&E case

The Federal Energy Regulatory Commission on Thursday dismissed cases against 23 energy concerns, including Pacific Gas & Electric Co., over alleged energy trading rule violations during the California energy crunch of 2000-2001.

According to published reports, the commission on Thursday also approved settlement deals with four energy trading companies and the city of Redding for a total of $142,000. Under the settlements, Reuters reported, American Energy Power, Puget Sound Energy, San Diego Gas & Electric, Williams Cos. Inc. and Redding admitted no wrongdoing. Puget is a subsidiary of Puget Energy Inc., and SDG&E is part of Sempra Energy.

The cases were part of FERC's investigation of market manipulation during the energy crunch, which followed revelations that Enron Corp. traders had used techniques with code names such as "Death Star" to game the market, avoid trading rules and drive up wholesale power prices. FERC in June ordered 43 energy concerns to demonstrate that they did not use such techniques.

Reuters said the settlements approved Thursday were the first wave to be approved among 18 settlements for a total of $26 million.

more: http://sacramento.bizjournals.com/sacramento/stories/2004/01/19/daily37.html?jst=b_ln_hl

note: I wonder how the size of the settlements relate to the amount of money manipulated (stolen) out of the market? Billions were squeezed out of the California economy due to market manipulation of energy prices. If only millions are recovered what is the message? The message would be: do it again Sam... just count any small fines (compared to what was "earned") as overhead.

[mmm]

1. Isn't somebody supposed to be on OUR side?

they probably refer to these fines as 'commission.'

[aeon flux]

2. There goes $9 billion tax dollars

down the toilet.

[arcane1]

3. where is Arnold on this? Kicking energy corp ass?

HA! Don't make me laugh :evilfrown:

[Sub Atomic]

5. You're kidding, right?

Arnold is complicit in this raping of all Californians.

Do you wonder why he never answered when he was asked what his meetings with Enron were about last year?

[arcane1]

6. sorry, the sarcasm was assumed to be blatant

I'd kick Arnold in his steroid-shriveled nuts if he were standing right here :grr:

[catzies]

4. And so Herr Gropenfuhrer dances with them that brung him.

His candidacy and subsequent election was about two things: finishing the rape of California by the energy barons (mission accomplished) and delivering our 54 electoral votes to Bush in November.

One down, one to go. :mad:

[arcane1]

7. hey, those rich Energy CEO's NEED that money

far more than the disabled, the poor children, the homeless, etc..

/sarcasm

Fuck you Ah-nold. :mad:

[indepat]

8. Crime pays?

[Nancy Waterman]

11. Wasn't this one of the big reasons the right got behind Arnold?

Davis was going to take this to court and not settle. Arnold was going to settle for far less than the original damage. Well, it has now happened Californians. You have been royally f***** in the butt by the Gropenfuhrer. I hope the press out there spells it out for the people. I don't think many are even aware of this little multi-billion dollar swindle.

[damnraddem]

12. Oh, no -- crime doesn't pay.

Getting a BJ from a WH intern (obviously crime, though not against the law, just doesn't pay. On the other hand, helping big energy businesses prosper (even if it kills many smaller businesses, and even if it DOES involve actions that are illegal) is not crime -- no, it's just being good government and governing (big business) least.

[nothingshocksmeanymore]

9. Don't know how this will affect the other major cases

Think I'll check in on the various web sites later this evening.

[bambo53]

10. It's Friday

They always release this stuff on Friday