Energy Refunds

Feds demand California pays energy refunds

As California struggled through its energy crisis three years ago, Enron traders were gloating about gouging the state.  Now federal regulators are demanding California pay Enron and other energy companies almost 270 million dollars in refunds.

California's attorney general says that's heaping insult upon injury.  He's filed a motion with the Federal Energy Regulatory Commission saying making Californians pay refunds would reward energy sellers for manipulating the market and predatory pricing.

Transcripts have been released of Enron traders gleefully discussing ways of distorting the California power market. The commission has ordered refunds and is calculating how much power companies owe in overcharges from the energy crisis.