FERC faulted for failing to order refunds for California power overcharges

[UpInArms]

http://sanjose.bizjournals.com/sanjose/stories/2004/09/06/daily30.html

The Federal Energy Regulatory Commission, which has refused to approve California's demand for $2.8 billion in refunds from power companies found to have gouged the state during the 2000-2001 energy crisis, has been ordered to rethink its position and come up with a refund by the Ninth U.S. Circuit Court of Appeals.

In a ruling handed down Thursday, the San Francisco- based court said FERC failed to follow federal law in turning back the state's refund demands.

"FERC abused its administrative discretion by declining to order refunds for violations of its reporting requirements. We therefore grant California's petition ... and remand this case to FERC for refund proceedings," the ruling says.

<snip>

"Indeed, non-compliance with FERC's reporting requirements was rampant throughout California's energy crisis," the court says. "With FERC abdicating its regulatory responsibility, California consumers were subjected to a variety of market machinations, such as 'round trip trades' and 'hockey-stick bidding,' coupled with manipulative corporate strategies, such as those nicknamed 'FatBoy,' 'Get Shorty,' and 'Death Star.'

...more...

[JDPriestly]

1. Hoorah!

[donkeyotay]

2. Pat Woods belongs in jail with the rest of the crime family

He said, at the time of the "crisis" that THERE WAS NO EVIDENCE OF WRONGDOING. Yeah, well now we got the tapes, tapes that he had. He and Cheney and the rest knew damned well what was going on in California - it was part of their attempt at bailing out Enron.

CROOKS!!! GOD-DAMNED REPUBLICAN CRIME WAVE!!!

:mad:

[tkulesa]

3. Unfortuantely for Californa

They're going to be trying to get that refund from Enron. It's not likely that they'll fight their way past all the creditors to see any of that money.

It would be nice if they could hold this against the energy companies that DIDN'T go bankrupt. Maybe a few more of them would. We could rebuild the public utilities from the ashes.

[tinanator]

8. does anyone really think they went broke?

It seems like the concensus is that it wasnt a phony bankruptcy. I cant believe anyone believes they went broke stealing money.

[tkulesa]

9. Yes and no

Despite the massive size of the theft from California I don't think they stole enough to cover the fake profits they really were not making everywhere else.

They only made their glowing market expectations by cooking the books. They pumped so much money out of the company into their own pockets, and covered up so many operational losses that the California theft wasn't big enough to cover the it up.

I'm sure you are right that there are huge reserves of money somewhere. But I'm also sure that on paper none of that money belongs to Enron and none of their creditors, including California, are going to see any of it.

[not fooled]

4. But now they have their boy Ah-nuld to play along

Unfortunately for us Californians who got screwed, now that the Gropenfuhrer is in power, fat chance of anything getting done. Remember the infamous meeting between Kenny Boy and Ahnuld. Probably plotted to get the boobengrabber into office, with the payoff being quashing of the state's attempts to get refunds (or settle for pennies on the dollar, which is what I have heard is going to happen).

[olddad56]

6. good point

The energy crisis in California was such a scam by the energy companies (with the full support of Bushistas). In fact while the crisis was going on, Ken Lay was Bush's 'energy adviser'. If you remember Bush's statement that it was a California problem, not a federal problem, and he had been advised not to intervene. It was payback for the voters in Ca. not voting for Bush. But more importantly, at least in my mind. was that the energy crisis was the first step in setting up the recall of Gray Davis. Funny how when Arnold took over, the 9 Billion dollar lawsuit that Davis was pursuing against the energy companies seemed to just disappear. In my mind, Arnold cost the taxpayers in Ca., 9 Billion right off the top. Arnold has the potential to be as scary as Bush. He is also a wholly owned subsidiary of the oil and energy industries.

[donkeyotay]

7. Welcome olddad56

"Funny how when Arnold took over, the 9 Billion dollar lawsuit that Davis was pursuing against the energy companies seemed to just disappear."

Yes, Arnold's a real man of the people.

I still think back to that pre-9/11 world and wonder how bush would have survived the story of Enron's bankruptcy... what with the market already tanking and all that corporate crime.

I still think Enron is key to what's happened since.

[shanti]

5. YES!!!!

now let's see if they actually DO it!

[struggle4progress]

10. kick kick kick

:kick: :kick: :kick: