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Sempra agrees to major refund for energy crisis
Key Excerpts from Article on Website of San Francisco Chronicle (San Francisco's leading newspaper)
Posted: May 3rd, 2010
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/04/28/...
Sempra Energy has agreed to pay about $410 million to settle claims that it played Enron-style games with California's electricity market during the 2000-01 energy crisis, state officials said. Houston's Enron, as well as other companies, used a variety of tactics to create the appearance of congested power lines in some instances and energy shortages in others. Electricity prices soared, and rolling blackouts rippled across the state. Enron traders were caught on audio tape bragging about how much their trading schemes were costing "Grandma Millie," their derisive term for the California utility customer. The crisis forced the state to buy expensive long-term power contracts that Californians are still paying off, month by month, on their utility bills. Pacific Gas and Electric Co., the state's largest utility, tumbled into bankruptcy as a result of soaring wholesale power prices. And Gov. Gray Davis lost his job in a recall election fueled by public anger over his handling of the crisis. Since then, the state government has reached 39 settlement agreements with energy companies for a total of $3.2 billion.
Note: To see how blatant the corruption is, watch the tapes of Enron traders laughing at causing traffic accidents at this link. For many more examples of corporate corruption reported by reliable, verifiable sources, click here.
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