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		 Subject: Yahoo! News Story - California Sets Criminal Probe of Power Prices


Carin Nersesian (carin.nersesian@enron.com) has sent you a news article 
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California Sets Criminal Probe of Power Prices
http://dailynews.yahoo.com/h/nm/20010613/ts/utilities_california_jury_dc_1.htm
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Top Stories - Reuters - updated 2:51 PM ET Jun 13 	
	
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Wednesday June 13 2:51 PM ET 
California Sets Criminal Probe of Power Prices
SACRAMENTO, Calif. (Reuters) - California Attorney General Bill Lockyer said 
on Wednesday he would convene a criminal grand jury next month to investigate 
whether power generators illegally manipulated energy prices during the 
state's electricity crisis.
Lockyer, who has been investigating charges of price gouging and market 
manipulation by major energy companies, said the grand jury probe would aid 
``efforts to get at the truth about energy pricing practices for electricity 
and natural gas that hit California pocketbooks hard.''
``We will further focus our criminal probe to determine whether the 
California market was manipulated and profits taken illegally, and whether 
there was fraud against the public,'' Lockyer said in a statement.
The grand jury investigation is expected to examine whether generators worked 
together -- directly or indirectly -- to drive up electricity and natural gas 
prices by withholding energy, shutting down plants or exploiting the bidding 
process.
The investigation is slated to begin shortly after July 1, when a new 
19-member Sacramento County grand jury is seated.
California officials have been seeking evidence that power generators 
manipulated energy prices during the state's power crisis, which has led to 
six days of rolling blackouts this year and sharply higher wholesale energy 
costs -- rising, in some cases, some 10 times over levels seen last year.
Generators deny any illegal activity, saying the high prices simply reflect 
supply shortages, plant breakdowns, and high natural gas prices. Gov. Gray 
Davis (news - web sites), who has repeatedly slammed the power producers as 
``price-gougers,'' talked by telephone with Lockyer on Monday about the 
status of his investigation.
``There is a growing body of evidence that may give the attorney general the 
opportunity to proceed with criminal as well as civil actions,'' Davis press 
secretary Steve Maviglio said in a statement. 
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