The Motley Fool Discussion Boards
Investment Analysis Clubs / Macro Economic Trends and Risks
|Subject: Justice at Last?||Date: 2/23/2013 9:51 PM|
|Author: jaagu||Number: 416573 of 501051|
California energy regulators said that a preliminary ruling by a U.S. agency may bring as much as $1.6 billion in refunds for consumers harmed during the state’s electricity crisis more than a decade ago.
An administrative law judge at the U.S. Federal Energy Regulatory Commission on Feb. 15 determined that companies ... violated market rules in 2000, when California’s electricity prices reached their peak.
The ruling in the case brought by the state’s Public Utilities Commission and two electricity providers [PG&E Corp. and Edison International] follows more than a decade of legal wrangling after trading by Enron Corp. workers led to price increases and blackouts in California affecting millions of customers in 2000 and 2001.
If the five-member FERC adopts the judge’s decision, California consumers may eventually be paid almost $1 billion in refunds and an additional $600 million in interest, according to the statement from the state energy regulator. It didn’t say which companies would be responsible for payment.
Go FERC and get me some of my money back!
|Copyright 1996-2016 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|