FERC Offers California Consumers Up to $3.3 Billion Refund for Power Gouging

Finestone, Deborah
March 2003
Bond Buyer;3/27/2003, Vol. 343 Issue 31802, p27
Trade Publication
The Federal Energy Regulatory Commission (FERC) said on March 26, 2003 that it would order refunds of between 1.8 billion dollars and 3.3 billion dollars to power consumers in California to compensate for inflated electricity prices in 2000 and 2001. The amount falls far short of the 8.9 billion dollars officials say the state is owed due to market manipulation by power suppliers during the state's energy crisis. “ While staff found significant market manipulation, that doesn't alter the commission's original conclusion … that significant supply shortfalls and a fatally flawed market design were the root causes of the California market meltdown,” the report said. State officials expected FERC to increase the refunds on that portion of the state's claim by another 1 billion dollars, said Eric Saltmarsh, chief counsel to the California Electricity Oversight Board.


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