Anna Eshoo: “I want to speak to one aspect of this very important consumer protection amendment, and that is what the amendment is…”

“I want to speak to one aspect of this very important consumer protection amendment, and that is what the amendment is: it protects consumers. The issue I want to talk about is refund authority. Can there be any doubt today that Western consumers were gouged as a result of energy market manipulation in 2000 and 2001? Can there be any doubt that refunds are owed? So when a Member rises on the floor and talks about retroactive and it is not fair to have something retroactive, we have to have the arm of the law reach back so consumers are refunded the dollars that they were ripped off. Madam Chairman, 5 years after the crisis in California, no refunds have been ordered because for 5 years the Federal Energy Regulatory Commission has insisted it does not have the authority to order the retroactive refunds that will fully compensate consumers. FERC knows the evidence, and here it is: one, Enron memos reveal that the energy trading company implemented elaborate market manipulation strategies to drive up prices. The Enron memos gave these ploys names like Fat Boy, Death Star, and Get Shorty. Number two, audio tapes of Enron energy traders surfaced that confirmed the existence of secret deals with power producers that deliberately drove up prices by ordering power plants shut down.…”