State to Appeal FERC Decision on Power Pacts
The California Public Utilities Commission voted to appeal a decision by federal regulators denying the commission’s push to undo expensive electricity contracts signed during the energy crisis of 2000-01.
The Federal Energy Regulatory Commission had denied the PUC’s request to rehear its complaint about the contracts between the California Department of Water Resources and power sellers such as Sempra Energy, Mirant Corp., Dynegy Inc., PacifiCorp and Coral Power.
“These contracts were negotiated during a dysfunctional spot market and reflect, in my opinion, above-market prices,” PUC President Michael R. Peevey said.
-- Nancy Rivera Brooks
* The Federal Energy Regulatory Commission signed off on a previously announced $1.6-billion deal to settle charges that El Paso Corp. deliberately withheld vast amounts of natural gas from California during the 2000-01 energy crisis.
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