California: L.A. energy price scheme suspected

The Sacramento Bee ^ | June 28, 2002 | Emily Bazar -- Bee Capitol Bureau

[Ernest_at_the_Beach]

The Los Angeles Department of Water and Power may have engaged in Enron-style trading schemes when it sold power to the state during the energy crisis, a state Senate hearing revealed Thursday.

Based on transcripts of telephone conversations between energy traders and a Nov. 12, 2000, e-mail message from Pacific Gas and Electric Co.'s trading arm, Los Angeles' municipal utility engaged in a trading practice referred to as a "ricochet" -- a practice it had previously denied using.

[Ernest_at_the_Beach]

I thought this was interesting to see this in the Politics section with Dunn's picture.

Perhaps someone from the Sacramento area can comment on the significance of having the piece with picture included!

[Ernest_at_the_Beach]

Calpowercrisis:

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[snopercod]

Where is the outrage?

[Robert357]

Where is the outrage???

According to Mark Ward, manager of wholesale trading, the utility's definition of "ricochet" is different from Enron's because the resold electricity never left the state.

"The LADWP did not engage in any trading of power across state lines to avoid price caps," he said. "That transaction would more appropriately be characterized as a 'bounce-back.' ... The Nov. 11, 2000, transaction was completed consistent with L.A.'s good-neighbor policy of playing by the rules."

It is not "ricochet" it was 'bounce-back.'

I did not have "sex" with that woman, Miss Le.... It depends on what the definition of "is" is.

The outrage is not there because this society is now use to parsing the words within public statements very, very carefully and expecting the worst from Government. It is my hope that Bush and others at the state and local level can make public service an honorable profession again as opposed to being akin to the oldest profession.

Governors Davis & Locke; Senators Boxer, Feinstein, Can't-vote-well, tennis-shoes-Murray, Clinton, Little Dick Gephart, et. al are not helping move us forward.

[randita]

BWAHAHA! The CA State Senators should read FR. We've known the LADWP was up to no good all along. They're finally being called on it. One good thing to come out of this is it puts Freeman's appointment thankfully in jeopardy.

[BenLurkin]

But, but we were told it was the TEXAS power companies owned by Bush ... did Gray Davis lie?