Maria Cantwell: “We are simply saying market manipulation under the Federal Power Act cannot be just and reasonable, and market…”

“We are simply saying market manipulation under the Federal Power Act cannot be just and reasonable, and market manipulation should be found, under the Federal Power Act, by the Federal Energy Regulatory Commission, to be a wrongful act. It did not take long to read that amendment but, as I said to this body last night, the fact that such law is not currently on the books has caused the ratepayers in my State great harm. It has caused ratepayers in Snohomish County, where I happen to live, a 54-percent rate increase. It has caused ratepayers in King County a 61-percent rate increase. It has caused ratepayers in Vancouver, WA, and businesses in Vancouver, WA, that can easily move to other parts of the country, an 88-percent increase. In eastern Washington, the part of the State hardest hit economically, where jobs are few and farmers struggle, it has caused ratepayers a 71-percent rate increase. We are not talking about a rate increase that is just for 1 year. We are talking about long-term Enron contracts that were manipulated-- knowingly manipulated--and my ratepayers are stuck paying those contracts for the next 5, 6, and 7 years without relief.”