Free Republic

SAN FRANCISCO (AP) - A federal appeals court on Tuesday dismissed more than a dozen lawsuits that accused power companies of double-billing the state of California millions of dollars during the energy crisis. In tossing out Attorney General Bill Lockyer's lawsuits against Reliant Resources, Inc., Dynegy Inc. and other energy concerns, the 9th U.S. Circuit Court of Appeals ruled that California courts don't have jurisdiction over the issues at the heart of the complaint. The suits alleged the generators reaped millions by being paid to hold power in emergency reserve that they then sold on the open market. Lockyer argued...

SAN JOSE -- Calpine Corp. shares surged 21 percent, leading a rally of energy company stocks on optimism their prices will recover after leading declines among U.S. equities last year, analysts said. Shares of Calpine rose 70 cents to 3.96 in New York Stock Exchange composite trading, the biggest one-day rise in almost two months. The company was among the 10 worst-performing stocks on the Standard & Poor's 500 last year along with Dynegy Inc., which rose 9.3 percent Thursday, and Mirant Corp., 8 percent higher. Companies that sell wholesale electricity or trade power and natural gas tumbled in value...