Judge Tosses Out State Suit Over Power Crisis
From Bloomberg News and Reuters
A federal judge dismissed California’s lawsuit accusing PNM Resources Inc. and Powerex of manipulating electricity prices during the state’s energy crisis in 2001.
Judge David Levi of U.S. District Court in Sacramento denied a motion by California Atty. Gen. Bill Lockyer to send the power price case to a state court, where it was originally filed, and also granted motions to dismiss the case by PNM Resources Inc. and Powerex, the energy-trading arm of BC Hydro of Vancouver, Canada.
Levi said in his April 14 decision that the Federal Energy Regulatory Commission must decide whether wholesale electricity prices were reasonable.
The suit also was filed against 100 other unnamed power sellers.
