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Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: Richard B Sanders X-To: Twanda Sweet X-cc: X-bcc: X-Folder: \Richard_Sanders_Oct2001\Notes Folders\Sent X-Origin: Sanders-R X-FileName: rsanders.nsf ----- Forwarded by Richard B Sanders/HOU/ECT on 09/25/2000 07:56 AM ----- Jeff Dasovich@EES 09/22/2000 10:24 AM To: Richard B Sanders/HOU/ECT@ECT, James D Steffes/HOU/EES@EES, Richard Shapiro/HOU/EES@EES cc: Subject: Utilities, Electric: Retail Wheeling: FERC Chief Asks Congress For Retroactive Rate ... Richard. FYI. Do we have a date set yet to meet with Tim in Portland? Best, Jeff ----- Forwarded by Jeff Dasovich/SFO/EES on 09/22/2000 10:23 AM ----- Miyung Buster@ENRON_DEVELOPMENT 09/22/2000 10:08 AM To: Joe Hartsoe@ENRON, Sandra McCubbin@EES, Susan Mara@EES, Paul Kaufman@ECT, Karen Denne@ENRON, Jeff Dasovich@EES, Mark Palmer@ENRON, James D Steffes@EES, Richard Shapiro@EES, Elizabeth Linnell@EES, Jeannie Mandelker@ECT, filuntz@aol.com, Mark Schroeder@ECT, Peter Styles@ECT, Liz@luntz.com, Mona L Petrochko@EES, Peggy Mahoney@EES, Nicholas O'Day/AP/Enron@Enron, Mike Dahlke/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Rob Bradley@ENRON, Shelley Corman@ENRON, Jennifer Rudolph/HOU/EES@EES cc: Steven J Kean/NA/Enron@Enron Subject: Utilities, Electric: Retail Wheeling: FERC Chief Asks Congress For Retroactive Rate ... FERC Chief Asks Congress For Retroactive Rate Authority 09/21/2000 Dow Jones Energy Service (Copyright © 2000, Dow Jones&Company, Inc.) WASHINGTON -(Dow Jones)- Federal Energy Regulatory Commission Chairman James Hoecker Thursday asked Congress to give the commission new authority to order refunds in the event of electricity price gouging. Hoecker sought the retroactive ratemaking authority in the context of the commission's investigation of power market volatility in California this summer, where prices for San Diego consumers have more than doubled from last year. Congress should give FERC "authority to retroactively correct extraordinary wealth transfers that can happen when prices unexpectedly skyrocket and consumers cannot get out of the way," Hoecker told the House Government Reform Committee. The commission, in response to a petition from San Diego Gas&Electric Co., a unit of Sempra Energy (SRE), has ordered a staff investigation of the market situation in California. FERC will order refunds if it determines that power producers have obtained "unjust or unreasonable" prices for the power they sold into California electricity markets overseen by the state's power exchange and independent system operator, Hoecker said. But under the Federal Power Act, FERC can't order any refunds beyond the Aug. 23 date of its order setting the investigation, the nation's chief energy regulator noted. "We do not now have that authority," he said. "The commission staff is hard at work on completing its fact-finding investigation. Based on the staff report to the commission, we will be prepared to take further measures, as appropriate," Hoecker testified. "The commission expects its actions and the measures adopted by the state will moderate price volatility in California markets," he said. By Bryan Lee, Dow Jones Newswires, 202-862-6647, bryan.lee@dowjones.com Folder Name: Utilities, Electric: Retail Wheeling Relevance Score on Scale of 100: 49 ______________________________________________________________________ To review or revise your folder, visit Dow Jones CustomClips or contact Dow Jones Customer Service by e-mail at custom.news@bis.dowjones.com or by phone at 800-369-7466. (Outside the U.S. and Canada, call 609-452-1511 or contact your local sales representative.) ______________________________________________________________________ Copyright © 2000 Dow Jones & Company, Inc. All Rights Reserved
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