Yahoo! News Story - California Sets Criminal Probe of Power Prices

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Carin Nersesian (carin.nersesian@enron.com) has sent you a news article=20
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California Sets Criminal Probe of Power Prices
http://dailynews.yahoo.com/h/nm/20010613/ts/utilities_california_jury_dc_1.=
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Wednesday June 13 2:51 PM ET=20
California Sets Criminal Probe of Power Prices
SACRAMENTO, Calif. (Reuters) - California Attorney General Bill Lockyer sai=
d=20
on Wednesday he would convene a criminal grand jury next month to investiga=
te=20
whether power generators illegally manipulated energy prices during the=20
state's electricity crisis.
Lockyer, who has been investigating charges of price gouging and market=20
manipulation by major energy companies, said the grand jury probe would aid=
=20
``efforts to get at the truth about energy pricing practices for electricit=
y=20
and natural gas that hit California pocketbooks hard.''
``We will further focus our criminal probe to determine whether the=20
California market was manipulated and profits taken illegally, and whether=
=20
there was fraud against the public,'' Lockyer said in a statement.
The grand jury investigation is expected to examine whether generators work=
ed=20
together -- directly or indirectly -- to drive up electricity and natural g=
as=20
prices by withholding energy, shutting down plants or exploiting the biddin=
g=20
process.
The investigation is slated to begin shortly after July 1, when a new=20
19-member Sacramento County grand jury is seated.
California officials have been seeking evidence that power generators=20
manipulated energy prices during the state's power crisis, which has led to=
=20
six days of rolling blackouts this year and sharply higher wholesale energy=
=20
costs -- rising, in some cases, some 10 times over levels seen last year.
Generators deny any illegal activity, saying the high prices simply reflect=
=20
supply shortages, plant breakdowns, and high natural gas prices. Gov. Gray=
=20
Davis (news - web sites), who has repeatedly slammed the power producers as=
=20
``price-gougers,'' talked by telephone with Lockyer on Monday about the=20
status of his investigation.
``There is a growing body of evidence that may give the attorney general th=
e=20
opportunity to proceed with criminal as well as civil actions,'' Davis pres=
s=20
secretary Steve Maviglio said in a statement.=20
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