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Cal Rate Payers May Foot The Bill For Energy Surplus

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After having to scrounge for electricity earlier this year, a state analysis says California could be stuck with a costly power surplus over the next decade.

The analysis finds ratepayers could be paying as much as 3.9 billion dollars for the unused electricity.

The reason?

The state earlier this year signed long-term contracts to buy power at high prices in an emergency effort to stabilize the market and keep electricity flowing. But since then, demand has fallen and prices have dropped.

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