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BUSINESS
March 7, 2007 | From Bloomberg News
California faces a small, although worrisome, chance of rolling blackouts this summer, according to the operator of most of the state's power transmission system. Southern California faces a 3.7% probability of a supply problem, while Northern California has a 3.5% chance for a Stage 3 power emergency, the California Independent System Operator, or Cal-ISO, said in documents on its website.
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BUSINESS
February 15, 2007 | From the Associated Press
Two former Enron Corp. traders accused of driving up energy prices during California's power crisis were each sentenced Wednesday to two years of court-supervised release. Timothy Belden, the former head of trading in Enron's Portland, Ore., office, was sentenced in federal court after pleading guilty in October 2002 to one count of conspiracy to commit wire fraud. His plea was the first prosecution of anyone related to the West's energy crisis in 2000 and 2001.
BUSINESS
December 20, 2006 | Elizabeth Douglass, Times Staff Writer
In a win for California consumers, an appeals court ruled Tuesday that federal regulators must consider cutting the cost of billions of dollars in power contracts that state officials believe were overpriced because they were signed during the state's energy crisis and based on market rates that were rigged. The decision by the U.S. 9th Circuit Court of Appeals reinstates a case that could yield California electricity customers $1.
BUSINESS
August 9, 2006 | Elizabeth Douglass, Times Staff Writer
Sempra Energy and more than a dozen other energy companies must provide hundreds of hours of recorded conversations with their natural gas traders to attorneys who are hoping to prove that they illegally inflated prices for California gas customers, a judge ruled Tuesday. The ruling, which came after a daylong hearing, resolves one of many disputes that have emerged over the traders' tapes in the case.
BUSINESS
August 5, 2006 | From Reuters
A federal jury in Houston found two former energy traders guilty of wire fraud in connection with the transmission of natural gas prices to industry newsletters but did not convict the pair on conspiracy and other false-reporting charges, the Justice Department said. Former Dynegy Inc. gas trader Michelle Valencia was convicted of seven counts of wire fraud. Former El Paso Corp. trader Greg Singelton was convicted of one count of wire fraud.
WORLD
July 28, 2006 | Rone Tempest, Times Staff Writer
As the Israeli military blockade of Lebanese ports enters its third week, officials here say they are running critically short of fuel for power plants. "All our power generation depends on fuel oil," Public Works and Transportation Minister Mohammed Safadi said Thursday. "We are five days away from running out."
CALIFORNIA | LOCAL
July 25, 2006 | Sharon Bernstein, Patrick McGreevy and Marc Lifsher, Times Staff Writers
Southern California was struck with a new round of power outages Monday as demand for electricity stretched the state's supply and the aging system of local lines and transformers continued to fail in the face of a record heat wave. The demand for electricity was so great that California's power regulators asked some businesses to cut back their power usage. The state narrowly avoiding rolling blackouts as temperatures moderated slightly -- a cooling trend expected to continue today.
BUSINESS
June 9, 2006 | Elizabeth Douglass, Times Staff Writer
Lawyers for the California attorney general's office and others mounted a last-ditch effort Thursday to alter a nearly $1.8-billion settlement with Sempra Energy over allegations that it conspired to restrict natural gassupplies and raise prices during the state's energy crisis. San Diego Superior Court Judge Ronald Prager had given the pact his blessing in a tentative ruling issued late Wednesday.
BUSINESS
May 26, 2006 | Marc Lifsher and Elizabeth Douglass, Times Staff Writers
The electricity crisis left a trail of casualties across California. Gov. Gray Davis lost his job. Pacific Gas & Electric Co., the state's largest electricity utility, filed for bankruptcy protection. Millions of residents and businesses wound up paying billions more for electricity, and many blamed Enron Corp. From San Diego to Sacramento, Californians exulted Thursday over the convictions of Enron chieftains Kenneth L. Lay and Jeffrey K. Skilling.
BUSINESS
May 16, 2006 | From Times Wire Services
U.S. electricity supplies this summer will be tighter than last summer as demand for power has grown more quickly than new generation, and parts of California and Connecticut will be at risk of blackouts under extreme conditions, an industry group said Monday. Generating capacity in the U.S. and Canada will be 17% higher than overall peak demand, down from 17.5% during last year's peak, according to the North American Electric Reliability Council. Power supplies will have increased by 1.
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