---------------------- Forwarded by Carla Hoffman/PDX/ECT on 10/30/2000 02:23 
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	Enron Capital & Trade Resources Corp.
	
	From:  "Pergher, Gunther" <Gunther.Pergher@dowjones.com>                      
     10/30/2000 02:17 PM
	

To: undisclosed-recipients:;
cc:  
Subject: DJ FERC Probe Doesn't Find Calif Pwr Rates Unjust -Official



21:05 GMT 30 October 2000 *DJ FERC Probe Doesn't Find Calif Pwr Rates Unjust
-Official
(MORE) Dow Jones Newswires 30-10-00
2105GMT Details Of Report A Blow To State, Utils
NEW YORK (Dow Jones)--A federal regulatory report into California's
wholesale electricity market couldn't find evidence that power rates were
"unjust and unreasonable," a Democratic commissioner with the Federal Energy
Regulatory Commission told Dow Jones Newswires Monday.
The probe, details of which are scheduled to be released Wednesday, is a
blow to California's three investor-owned utilities, state officials and
millions of retail electricity consumers - all of whom have accused
generators of manipulating the market, collusion and "profiteering."
The commissioner, who spoke on condition of anonymity, said "the report
couldn't find that power rates in California were unjust and unreasonable."
Dow Jones Newswires reported Friday that the FERC report also found no
evidence of abuse by energy companies operating in the state, and wouldn't
be ordering tens of millions of dollars in refunds to consumers and
utilities.
Instead, the commissioner said the market structure resulted, in part, in
higher wholesale electricity costs, and several changes, such as price caps,
exacerbated the situation.
The commissioner said the report would address sweeping structural changes
to the state's Independent System Operator, which controls the high-voltage
transmission grid, and the state's Power Exchange, where power is bought and
sold.
Gov. Gray Davis reacted to the news with disappointment, according to his
press secretary, Steve Maviglio. The governor is expected to address details
of the FERC report Wednesday.
-By Jason Leopold, Dow Jones Newswires; 323-658-3874;
jason.leopold@dowjones.com
   (END) Dow Jones Newswires  30-10-00
2136GMT

G_nther A. Pergher
Senior Analyst
Dow Jones & Company Inc.
Tel.  609.520.7067
Fax. 609.452.3531

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