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Bad Credit Credit Creditres In a bid to bolster claims for $9 billion in refunds from companies it says overcharged for electricity, the State of California and its two largest utilities today accused many of the nation's major power generators of limiting electricity production to drive up prices during the state's 2000-2001 energy crisis.

Bad Consolidation Credit Debt The substance of the accusations is not new, as state officials have long maintained that market-manipulation was a primary cause of the crisis. But the accusations today follow a 103-day period in which investigators for the state had their first opportunity to review internal corporate documents, including transcripts of telephone calls between energy traders.

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Bad Company Credit Repair The evidence shows an "industry-wide pattern of cheating and stealing," said Gov. Gray Davis of California, a Democrat.

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Bad Card Credit Credit The companies, which attribute the crisis to the state's flawed energy marketplace, either denounced the accusations or said they had not yet reviewed them. The accusations are contained in more than 3,000 pages filed this afternoon at the Federal Energy Regulatory Commission. One of the largest power-plant owners, Duke Energy, based in Charlotte, N.C., said the state's accusations "have repeatedly been proven short on facts and legally baseless."

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Bad Car Credit Loan Today's filing was almost entirely redacted to comply with a protective order covering information obtained from the companies, though some information was provided in a public summary. California officials have asked the regulatory commission to make the information public.

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Bad Credit Loan Mortgage The information was turned over as part of a proceeding to determine whether the power companies owe California refunds. In December, an administrative law judge for the commission ruled that the companies had overcharged California $1.8 billion during the crisis but said the state had an unpaid balance of $3 billion and thus owed $1.2 billion.

Auto Bad Credit Loan In the public summary, the state asserted that some power-plant owners, including Reliant and Dynegy, both of Houston, told the state's power-grid operator that plants had been shut down for mechanical reasons, even when the companies' own documents showed the plants were capable of normal operation. The use of this and other strategies to withhold power were major contributors to price spikes, the state said.

Bad Credit Mortgage Refinance Dynegy declined to comment. Reliant said many of the tactics described as manipulative "were actually rational responses to California's market structures and rules."

Bad Credit Refinance The state accused five large power-plant operators Reliant, Dynegy, the Williams Companies, Duke and Mirant and several public authorities, including that of Glendale, Calif., and the Los Angeles Department of Water and Power, of participating in trading schemes that inflated prices.

Bad Credit Mortgage Second These schemes include the exportation and reimportation of power out of and into California to avoid price caps a practice known as megawatt laundering that was utilized by Enron, the largest power trader. Also, Glendale had a profit-sharing agreement with Enron and another company that involved market-manipulation, the state said. A lawyer for the Glendale authority, Jack DiCanio, said the city "did not engage in any inappropriate or improper Enron-related strategies."

Bad Credit Loan Student The state also charged that many power traders purchased information from a company identified as Industrial Information Resources Inc., which provided "detailed, non-public information, on a daily basis, regarding their competitors' planned and ongoing generation outages."

Bad Card Credit According to the state, traders "then used this information in setting prices and making decisions as to where and how much to sell," even though state rules prohibited such information-sharing. Officials with Industrial Information Resources could not be reached for comment.

Bad Credit Financing By Richard A. Oppel Jr.
New York Times - 3/4/2003

Topic: Energy

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