U.S. Denies California Bid to Join Price Probe

U.S. energy regulators denied California’s bid to intervene in an investigation of companies such as Mirant Corp. and Dynegy Inc. that were accused of manipulating electricity prices in the state.

The market probe is an investigatory proceeding in which California and other parties cannot intervene, the Federal Energy Regulatory Commission said.

FERC has recommended that power sellers refund $3.3 billion to California and has imposed penalties against individual companies in separate cases. The state had sought $9 billion in refunds and wanted to consolidate the separate probes into a single proceeding.