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US Threatens Energy Traders With Limits On Pricing

Bad Credit Credit Creditres Federal regulators threatened today to strip four large energy traders of their ability to charge unregulated rates for electricity because of their responses to inquiries about their strategies in California.

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Bad Consolidation Credit Debt In an order issued late today, the Federal Energy Regulatory Commission said it appeared that three of the companies El Paso Electric, the Avista Corporation and Portland General Electric, an Enron subsidiary may have submitted false information to the commission in response to inquiries about whether they engaged in manipulative energy trading strategies in California. The fourth, the energy trading unit of the Williams Companies, has simply refused to answer a crucial question, the commission said.

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Bad Company Credit Repair Late today, the four companies said they would act quickly to provide new information demanded by the commission.

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Bad Card Credit Credit The commission has never before even threatened to strip an energy trader of its ability to charge unregulated rates, commission officials said last night. But one commissioner, Nora Brownell, said it was important that all energy traders recognize the seriousness of the commission's investigation into market manipulation in California during the 2000-01 power crisis.

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Bad Car Credit Loan Today's action may further scare an industry already reeling from the collapse of Enron, subsequent disclosures of irregular accounting at other large energy traders and accusations of market manipulation.

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Bad Credit Loan Mortgage The four companies have 10 days to supply the new information or face an order that would essentially require them to submit to the commission the rates they charge customers. But in an interview tonight, Ms. Brownell said she expected that the four companies would most likely provide satisfactory explanations and ultimately avert a formal order revoking their rate authority.

Auto Bad Credit Loan In another development late this afternoon, the White House, facing a subpoena deadline of noon today, turned over more than 2,000 pages of documents detailing Enron-related contacts to the Senate Governmental Affairs Committee, which subpoenaed the materials two weeks ago. More documents are expected to be turned over later, administration officials said.

Bad Credit Mortgage Refinance White House officials said this evening that they were concerned that the Senate panel, whose chairman is Senator Joseph I. Lieberman, Democrat of Connecticut, would not agree to handle the material in the same secure manner as in certain past investigations.

Bad Credit Refinance A White House spokeswoman, Anne Womack, added, "We expect the committee to use the information in a thoughtful and deliberative manner which lends itself to gathering facts rather than engaging in a partisan fishing expedition."

Bad Credit Mortgage Second Mr. Lieberman said the documents would be kept in an alarm-equipped locked room and reviewed only by a handful of staff members who will have to sign confidentiality agreements.

Bad Credit Loan Student He said the documents might be disclosed publicly at either his discretion or at the discretion of the ranking Republican on the panel, Senator Fred Thompson of Tennessee.

Bad Card Credit "I'm satisfied we have come to an accommodation on the security of these documents and the terms under which they might be made public, while refusing to yield the committee's right to conduct its investigation and inform the public of the findings of that investigation," Mr. Lieberman said in a statement.

Bad Credit Financing Republicans have sharply criticized the subpoenas, which requested all information about communications between Enron and the White House since 1992 involving eight federal agencies, including FERC. Congressional investigators also want information about contacts between officials at those agencies and the White House regarding Enron. The subpoenas also sought contacts between Enron and the White House over the formulation of the national energy policy.

Bad Credit Home Loan Mortgage In a statement tonight, Mr. Thompson said that during the committee's campaign finance investigation into the Clinton White House, he agreed not to release any documents except during a hearing, in a report, or with the consent of the panel's ranking Democrat. "I regret that Senator Lieberman has not agreed to enter into a similar agreement with respect to documents obtained from the Bush White House," Mr. Thompson said.

Bad Credit Loan People Democrats said the subpoenas were necessary because the White House resisted informal requests to turn over the Enron-related materials for almost two months. Tonight, Democratic staffers on the committee emphasized that in addition to the other security precautions, they would give the White House 24-hour written notice before releasing any document, and that they would also make sure to protect "personal privacy information" like Social Security numbers.

Bad Card Credit Credit People A spokeswoman for the committee, Leslie Phillips, added that there had never been any unauthorized disclosure of sensitive information by the committee during Mr. Lieberman's tenure either as the chairman or as the ranking Democrat. She also said that most of the panel's past investigations have not had the sort of document-handling protocols outlined by Mr. Thompson.

Bad Credit Guaranteed Loan In its order, FERC said the four companies "are not fully cooperating with the investigation, thus hindering the commission's ability to determine whether the Western markets have been manipulated, and as a result, whether rates charged may have been unjust and unreasonable."

Bad Credit Refinancing Ms. Brownell, in the interview, said that energy companies "need to understand that we are determined to be thorough, and I hope everyone gets the message that we are going to be fair"

Bad Credit Equity Home Loan "This is not a witch hunt," she added. "It's an effort to bring closure as quickly as possible to this poisonous atmosphere."

Bad Credit Loan Payday "This is a signal that we're not going to treat this casually," she added. After today's order, she said, "there's no doubt in my mind that anyone will doubt the seriousness of our intentions."

Bad Credit Repair This evening, Williams, based in Tulsa, Okla., said it would supplement its earlier responses to FERC to say that the company never bought power from the California Power Exchange so it could "take advantage of any price spread between price-capped California markets and uncapped markets neighboring the state." Williams initially had said it could neither confirm nor deny that such activity had taken place.

Bad Credit Home Loan Uk "Williams strongly disagrees with FERC's characterization of our response as uncooperative," said Bill Hobbs, president and chief executive of Williams's energy marketing and risk management business. "And threatening to take away our market-based rate authority is inappropriate."

2nd Bad Credit Mortgage Avista, based in Spokane, Wash., said the order was directed at Avista Utilities, and not at Avista Energy, the company's unregulated energy marketing and trading subsidiary. A spokesman added that "we're in the process of reviewing the relevant materials" and would respond quickly.

Bad Credit Loan Unsecured El Paso Electric said it thought the order was "the result of a procedural misunderstanding," and added that "we will be correcting that situation in our response to today's order." El Paso Electric is separate from the El Paso Corporation, the large energy trader based in Houston.

Bad Consolidation Credit Loan Portland General Electric said it was "surprised and perplexed" by the order and added that officials at the company "hope to work with FERC to help them better understand our response."

Bad Credit Home Loan New By Richard A. Oppel Jr.
New York Times - 6/5/2002

Topic: Energy

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