BP & Reliant - Guilty of Price Fixing

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BP & Reliant - Guilty of Price Fixing

Source: TheTip, 2003-07-21

Candidate: Enron

Naturally, the settlement does nothing to compensate the hundreds of thousands of people whose jobs and lives were ruined by the FERC-Caused California Recession.

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.

BP Energy didn't admit to having violated federal law or FERC rules or regulations.

The staff report cited three cases in 2000 when a BP trader contracted a Reliant trader and asked him to engage in certain trading deals. Documents released Friday say records indicate two transactions were done.

"We're pleased to have reached agreement with FERC, and now it's time to continue our business," a BP Energy spokeswoman said.

Reliant has previously said the trades couldn't have affected either the market or the company because they were done at expected market levels. It also said the deals weren't authorized by senior managers and violated company policy.
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User Originated Comments:

From: NA
2004-03-30 19:20:38
oil execs need their balls deep
fried.

From: Linda
1999-11-30 00:00:00
so, why not a class action suit by power users in
california?

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