Sempra, SDG&E will talk to FERC (CA)

[phoebe]

WASHINGTON – Sempra Energy, its San Diego Gas & Electric Co. subsidiary and dozens of other companies are expected here next week (July 24) for talks with regulators on allegations they manipulated electricity prices during California's power crisis.

The Federal Energy Regulatory Commission has urged the companies to begin settlement discussions to avoid lengthy hearings before administrative law judges. The companies could be forced to surrender unfair profits.

"The commission, as a matter of course, encourages settlement," said FERC spokesman Bryan Lee. "It will save (the companies) money in the long run over litigation."

snip

The companies have denied engaging in any improper behavior during the power crisis.

http://www.signonsandiego.com/news/business/20030716-9999_1b16ferc.html

As usual, the consumer is going to get screwed for the "shareholders" benefit...

[realFedUp]

1. glad our energy needs don't move at the speed FERC does...

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