Donation to settle energy pricing case

[Nottingham]

Donation to settle energy pricing case
By LAURA GOLDBERG
Copyright 2003 Houston Chronicle



BP Energy agreed to contribute $3 million to fund low-income home energy assistance programs in California and Arizona to settle a case in which federal energy regulators said that they found apparent evidence of power price manipulation.

In March, staff members of the Federal Energy Regulatory Commission issued a report on the 2000-01 energy crisis in the West. It said it found evidence indicating Reliant Resources and BP Energy, both based in Houston, appeared to have engaged in coordinated efforts to manipulate power prices at a trading hub in Arizona.

Both companies were ordered to demonstrate why their authority to sell power on unregulated wholesale markets shouldn't be revoked.

BP Energy doesn't lose that ability under the settlement. But for six months, BP Energy's electricity sales in the West will be subject to review by the FERC with the possibility of refunds.
more.....

http://www.chron.com/cs/CDA/ssistory.mpl/business/2001807

:bounce:

[sandnsea]

1. This really isn't right

This ought to be a big deal. It's like the Florida election aftermath, all the cases and rulings never made the headlines. This settlement means people aren't even going to know that the power manipulation took place. How much did this manipulation cost people? Can the people who were affected by this start a class-action lawsuit? $3 million is really nothing to a company like BP. A $50 slap on the wrist. This is terrible.

[DUreader]

2. Steal billions, payback a few million, case closed, good corp. citizen

Happens every time