Posted on 03/26/2003 9:39:30 PM PST by Ernest_at_the_Beach
WASHINGTON, March 26 (Reuters) - Some 37 energy companies and municipal utilities that engaged in questionable trading strategies with Enron Corp. (ENRNQ) should show why they do not need to turn over their unjust profits, federal investigators said on Wednesday.
Federal Energy Regulatory Commission (FERC) commissioners made public a several-hundred page report prepared by agency lawyers and investigators that called for 37 companies to prove that they did not manipulate Western U.S. markets during the California energy crisis of 2000-01.
"The evidence indicates that Enron, on its own, could not have implemented its trading strategies. It was only with the willing cooperation of others that these strategies could have been executed," the report said.
The report said the 37 companies accused of helping Enron manipulate prices included:
* Sempra Energy (SRE)
* Dynegy Inc. (DYN)
* Calpine Corp (CPN)
* Reliant Resources Inc. (RRI)
* Williams Cos Inc (WMB)
* Morgan Stanley (MWD)
* B.C. Hydro's Powerex unit
* Royal Dutch Shell's Coral Power LLC
* Enron's Portland General Electric
* Los Angeles Department of Water and Power
* Aquila Inc (ILA)
* Edison International's (EIX) California Edison
* Constellation Energy (CEG
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The commissions' primary conclusion listed in their summary was that California's energy regulation structure created the problem, invited the gaming and masked the gaming trail.
The commission clearly suggested that California got what it asked for and encouraged
The report was a shot across California's bow.
Rueters' agenda is obvious.
The commisiion recommended the "refunds" not be returned to the California's general fund but specifically used to "reduce future rates".
A clear shot across Davis' bow.
The commission is saying two things:
California your system needs reform.
Governor Davis you will not use these funds to reduce California's general deficit.
I'm sure you are right. They are probably using Eureka as a foil to get a deal somewhere else. This happened 15 years ago on a proposal for a site to build drilling platforms. Texaco played us against Thailand.
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