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FERC, Energy Firms to Hold Private Talks

August 25, 2003|From Reuters

The Federal Energy Regulatory Commission will hold talks with dozens of energy companies Tuesday to try to settle allegations that the firms manipulated California's electricity market during the 2000-01 power crisis.

The closed-door talks will discuss FERC's order last month directing the firms to explain that they did not violate California trading rules. Under the "show cause" order, if a company cannot justify its actions, it must repay any unfair profits.

The list includes most of the biggest current and former U.S. wholesale power market players, such as Duke Energy Corp., Dynegy Inc., ailing trading giant Enron Corp. and PG&E Corp.'s Pacific Gas. and Electric Co.

FERC lawyers in March reported "epidemic" price manipulation by Enron and others during the California crisis.

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