Bound by the rules

New frontiers

Two years after the California spot market was shut down amid allegations ofwidespread manipulation and gaming strategies in the wholesale electricity markets,Californians will enter the New Year with a new set of rules governing electricitytrading. After several years and cadres of regulators, lawyers and investigatorsunravelling the California energy crisis of 2000 and 2001, would-be market manipulatorswill face strong new deterrents in 2004.

Investigations into the crisis, in which exorbitant

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