Right Thinking From The Left Coast
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Blaming Evil Corporations

Here in California the lefties love to wail plaintively about how the state was raped by the evil energy corporations.  Well, as usual, that turns out to not be true.

Energy trader Reliant Resources has agreed to pay $836,000 to settle federal allegations that it engaged in manipulative trading practices during the 2000-2001 California energy crisis.

According to the proposed settlement with the Federal Energy Regulatory Commission filed Friday, the amount is equal to the total revenues the company potentially earned from double-selling power-related services held in reserve in case of emergency.

The agreement still must be reviewed by an administrative law judge, and the commission must approve it.

The commission found no evidence supporting allegations that Reliant tried to skirt California’s electricity price caps, according to the settlement. It also found no evidence that the company sold services without the resources to provide them, the Houston Chronicle reported Saturday. [Emphasis added]

California liberals love to find scapegoats for everything, because it allows them to exist without confronting their own utter ineptitude.  Unfortunately that very ineptitude is the cause of virtually all their problems.

Posted by Lee on 08/30/03 at 04:03 PM in Cullyforneah • Permalink

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