- March 26 - The Federal Energy Regulatory Commissions (FERC)
response to the overwhelming evidence that the West Coast energy
crisis was caused by the willful manipulation by energy companies
is belated and weak. In November 2000, FERC concluded that West
Coast energy prices were not just and reasonable, but it has taken
the commission 28 months to conclude that corporate misdeeds were
the cause. The companies include AEP, BP, Duke, Dynegy, El Paso,
Enron, Mirant, Morgan Stanley, Reliant, Sempra and Williams.
and 2001, energy companies engaged in a year-long campaign of
extortion of tens of millions of West Coast households and businesses.
The companies responsible not only ought to be held accountable
but should be prevented from manipulating the market again.
It is unconscionable that FERC has not permanently revoked market-based
rate authority for the companies that caused the crisis. Instead,
FERC has only sought a refund of the ill-gotten gains. These
corporate criminals set astronomical rates by manipulating the
availability of energy in a deregulated market. They should
not be allowed to do so again.
In its findings,
FERC singled out Enron Energy Services (EES) as a major participant
in some of the most egregious manipulation schemes, concluding
that EES was one of the largest perpetrators of manipulation
strategies in the California market. Thomas White was in charge
of this Enron division until President Bush appointed him Secretary
of the Army in May 2001. Public Citizen renews its call for
White to appear before the U.S. Senate to respond to questions
we believe he did not truthfully answer during his July 2002