Barbara Boxer: “today, the Federal Energy Regulatory Commission, FERC, released documents substantiating evidence of market manipulation…”

“today, the Federal Energy Regulatory Commission, FERC, released documents substantiating evidence of market manipulation during the California electricity crisis. At the same time, I am stunned that FERC took no action today on ordering the companies that cheated California to pay refunds. Nor did FERC order renegotiation of the long-term electricity contracts that were entered into when prices were artificially inflated. The documents released provide absolute and irrefutable evidence of market manipulation by power generators and wholesale traders during California's electricity crisis. I believe it is long past due to end the discussions and deliberations and time to start sending the refund checks. FERC should use its authority to order full refunds and order them immediately. To make sure that happens, I am introducing legislation to guarantee that the people of California get back the money they are owed. When the crisis first began in 2000, I introduced my first bill to order refunds. The bill that I am introducing today would require energy companies to pay full refunds in the minimum amount of $8.9 billion. In addition, my bill requires the FERC to order the renegotiation of long-term contracts. I ask my colleagues to support this legislation. We must not let these companies get away with thievery.”