Lockyer: Don't expect energy refund money for years

[Kadie]

Lockyer: Don't expect energy refund money for years

By JENNIFER COLEMAN, Associated Press Writer
Last Updated 6:47 pm PDT Thursday, April 22, 2004

SACRAMENTO (AP) - Federal energy regulations failed to protect California during the energy crisis and the state's fight for billions in refunds for overcharges in 2000 and 2001 may take several more years, Attorney General Bill Lockyer told state lawmakers Thursday.

Reviewing the findings of a report his office released last week, Lockyer told the Senate Energy Committee hearing of his frustrations of dealing with the Federal Energy Regulatory Commission, the agency charged with policing the wholesale electricity market.

The state asked FERC to order $9 billion in refunds; FERC has said that's more likely to be around $3 billion and has collected less than $100 million to date.

"We're probably going to have to get a case in front of the U.S. Supreme Court" to get relief from archaic energy laws that protect the wholesale electricity sellers, Lockyer said. "I'm willing to do that. ... We shouldn't give up."

more http://sacbee.com/state_wire/story/9004285p-9930222c.html

[proud patriot]

1. Do we earn intrest on our billions ?

:grr:

[Kadie]

2. Sure

Penalties and Interest. Yep. That's the ticket.