Ferc’s California clean-up

Ferc, the US interstate energy regulator, ordered the firms to explain why theyshould not have to repay profits gained from alleged market manipulation duringthe price spikes and power shortages that hit California in 2000–2001.

The ‘show cause’ order requires all companies named to submit allinformation relating to transactions in the California market between January1, 2000 and June 20, 2001. Ferc staff will report their findings to the commissionby the end of 2003, the agency said.

A trade