Judge Dismisses Lockyer Suit Against Powerex

From Bloomberg News

A federal judge dismissed a lawsuit that California Atty. Gen. Bill Lockyer brought against Powerex Corp. over claims that the company manipulated power prices during the state’s 2001 energy crisis.

U.S. District Judge Garland E. Burrell Jr. in Sacramento dismissed the suit last week because authority to rule on the matter belonged with the Federal Energy Regulatory Commission, Powerex spokeswoman Elisha Moreno said.

The suit claims that Powerex, which is the electricity-trading unit of the British Columbia Hydro & Power Authority, inflated prices, created false shortages and overcharged by $850 million. In March, Powerex refunded $1.3 million to settle FERC allegations that it manipulated California power prices.