State Says It Was Gouged By Energy Companies
California officials claim a majority of the players in the state energy market withheld electricity or used other tactics to drive up power prices during the energy crisis two years ago.
Officials say they´ll submit more than a thousand pages of evidence to federal regulators today.
California wants about $9 billion in refunds, claiming it was gouged by energy traders and some utilities. Officials contend that they withheld electricity, shared nonpublic information, routed power to other states to avoid price caps and submitted false electricity schedules that gave the impression of congested transmission lines. Governor Davis says the documents will make a strong case for refunds.
State officials say the new evidence shows that energy companies withheld electricity, colluded by sharing nonpublic information and routed power to other states to avoid price caps.