FERC approves settlement with Canadian utility in California Crisis
The agreement settles allegations that Powerex used trading tactics to inflate energy prices during the 2000-01 crisis.
Last year, FERC commissioners ordered some 43 major utilities, smaller energy traders and city-owned utilities to prove they did not violate trading rules to boost profits.
Powerex and other companies denied any wrongdoing and said the soaring electricity costs simply reflected market conditions and California's poorly designed electricity deregulation plan. Powerex will return $1.3 million in revenues to its customers to settle charges that it "participated in alleged gaming practices" with failed energy trading giant Enron Corp., FERC said in its order.
The utility, owned by the province of British Columbia, welcomed the initial deal reached with FERC trial staff in October as a way to end costly litigation.
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New Power Grid “Report Card” Reveal Dangerous Vulnerabilities
WASHINGTON - The U.S. power grid just received its “grade card” from the American Society of Civil Engineers (ASCE) and it barely passed.
The overall rating of our antiquated electrical system was a D+. Major power outages in the United States have grown from 76 in 2007 to 307 in 2011, according to the latest available statistics. The major outage figures do not take into account all of the smaller outages which routinely occur due to seasonal storms.
The American Society of Civil Engineers power grid grade card rating means the energy infrastructure is in “poor to fair condition and mostly below…
