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Federal Regulators Insist: California Cannot Void Inflated Energy Contracts.
Knight Ridder/Tribune Business News, November, 2003
By Michael Bazeley, San Jose Mercury News, Calif. Knight Ridder/Tribune Business News
Nov. 11--Federal energy regulators reiterated their stance Monday that California officials should not be allowed to void long-term energy contracts that the state says were signed at inflated prices.
The Federal Energy Regulatory Commission said it would not reconsider its original decision, made in June.
California began buying power in 2001 after the state's biggest utilities were driven into debt by soaring power prices. The state ultimately signed $42 billion worth of energy contracts, typically for periods of 10 to 20 years.
Many of the contracts have expired or been renegotiated. But officials had wanted to renegotiate others. They say...
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