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| 5/24 |
| 2004/6/16-17 [Politics/Domestic/California, Science/GlobalWarming] UID:30851 Activity:high |
6/16 California Ordered to Refund Enron $270M
http://story.news.yahoo.com/news?tmpl=story&u=/ap/energy_refunds
WTF? Can I blame Bush for this??
\_ Sorry, no. We have to refund them $270m so we can get our $2.#b
back from them. We can blame FERC for not ok'ing our $9b complaint
and Ahnuld for not following up on that.
\_ WHY DO YOU HATE AMERICA?
\_ what about Robert Rubin?
\_ Yes, all bad things are Bush's fault. All good things come from
Kerry and higher taxes.
arch liberal Kerry and higher taxes.
\_ Well someone's gotta pick up the tabs. So you think we can just
cut taxes for the fucking rich, blowing billions in a fucking
war for the rich, and then all the debt will just disappear?
\_ Cut spending if you don't have enough money?
\_ good idea. let's start with cutting the war in Iraq.
\_ If you were serious you'd be an isolationist like most
real conservatives. You want a big army to go into
foreign countries *you* feel should be invaded.
\_ let's just save up for the war in the USA |
| 5/24 |
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| story.news.yahoo.com/news?tmpl=story&u=/ap/energy_refunds By JENNIFER COLEMAN, Associated Press Writer SACRAMENTO, Calif. Now state Attorney General Bill Lockyer says federal regulators are heaping insult upon injury by demanding California pay Enron and other energy companies almost $270 million in refunds. web sites), Lockyer said the refunds would reward "the sellers a second time for their market manipulation activities and predatory pricing." The order was particularly unfair considering recent evidence of market manipulation by energy generators, Lockyer said in an interview Tuesday. traders openly and gleefully discussing creating congestion on transmission lines, taking power plants off-line to pump up electricity prices and other manipulation of the California power market. But FERC has ordered refunds and is calculating how much power companies owe in overcharges from the energy crisis. At issue are megawatts bought and sold through the Independent System Operator, the manager of the state's power grid. The May order makes it clear that the agency's refund order includes $29 billion worth of electricity purchases made by California energy traders in 2001, when the state stepped in to buy power on behalf of three nearly bankrupt utilities. In his filing on Monday, Lockyer said the state's power buys helped the ISO secure enough energy to keep the lights on. State buyers bought power at the high market price, then resold it at the state's cost "in order to protect California's electricity grid from blackouts." Most of the state's electricity purchases were used by Pacific Gas and Electric Co. But some of the power sold into the ISO market was bought by other energy companies, such as Enron. FERC spokesman Bryan Lee said he couldn't comment because the matter was pending before the commission. But in its order, FERC said the state's power trades should be treated the same as other wholesalers. Because the state bought a lot of power, it will be entitled to refunds nearly equal to what it has to pay in refunds, FERC said. Gary Ackerman, executive director of the Western Power Trading Forum, said the state was acting as an energy company when it sold power to the ISO, so it should be held to the same rules. Because the spot market price was ruled too high, FERC set a new benchmark for what power should have cost. "Any seller who sold at prices above the benchmark will have to refund the difference," said Ackerman, whose group represents electricity sellers. The refunds California could have to pay would go to a variety of energy traders and wholesalers, including: $23 million to Enron; Enron spokeswoman Karen Denne said the energy company's lawyers hadn't seen Lockyer's motion and any response would be filed with FERC. Tractebel Energy Services, Inc At Tractebel Energy Services we manage the power needs for hundreds of companies. We offer electric choice for commercial and industrial customers in deregulated markets ... Cherokee Energy Company LLC Cherokee Energy is a private natural gas and oil investment company that organizes partnerships for accredited investors for the purpose of drilling and operating gas and ... The information contained in the AP News report may not be published, broadcast, rewritten or redistributed without the prior written authority of The Associated Press. |