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Date: Wed, 22 Nov 2000 08:52:22 -0600
From: "Tracey Bradley" <tbradley@bracepatt.com>
To: "Deanna King" <dking@bracepatt.com>, "Paul Fox" <pfox@bracepatt.com>, 
"Ronald Carroll" <rcarroll@bracepatt.com>
Subject: California:  U.S. energy sec says FERC proposals not enough-WSJ
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U.S. energy sec says FERC proposals not enough-WSJ


NEW YORK, Nov 22 (Reuters) - U.S. Energy Secretary Bill Richardson will 
propose on Wednesday stricter bidding rules in California's energy auction 
market and a broader investigation of market abuse, the Wall Street Journal 
reported in its electronic edition Wednesday.

The paper reported Richardson as saying fixes proposed by the Federal Energy 
Regulatory Commission (FERC) for the troubled California electricity market 
stopped short of what was needed to control runaway prices.

Earlier this month FERC issued a plan designed to reform California's 
deregulated power market after prices soared to record levels this year, 
sparking a public outcry.

On Tuesday, the California Public Utilities Commission on voted to ask 
federal regulators to impose price caps on the state's wholesale power market.

The state regulator also said in a statement it is to make a filing with FERC 
on Wednesday arguing FERC's proposed remedies for the state's troubled power 
market were inadequate to protect consumers.

Richardson is offering to be a mediator, and says he wants to end fierce 
bickering between federal and state officials over who is to blame for dozens 
of electrical emergencies this year, the newspaper said.

The energy secretary said he thinks the FERC, which regulates wholesale U.S. 
energy markets, needed to investigate allegations of market abuse more 
aggressively, utilising its subpoena powers, the paper added.

New York Newsroom (212) 859-1700