FERC policies and programs today are very different from what they were during the energy crisis. The Commission in 2002 established the Office of Enforcement to provide a real-time window into the workings of electricity and natural gas markets. This information provides the Commission with the analysis it needs to respond to market problems.

The Enegy Policy Act of 2005 recognized that FERC needed enhanced tools to oversee rapidly changing and increasingly sophisticated energy markeets. The law gave FERC broad authority to assess civil penalties for market manipulation and violations of Commission rules and standards.

It is national policy to support competitive wholesale power markets. FERC continues to seek steady reform to strengthen wholesale competition, encourage new entry into power generation, improve access to markets and the power grid, prevent exercise of market power and market manipulation, assure that enforcement of market rules is effective and improve market transparency.

Enron Trading Memos

6 Dec 00

8 Dec 00

Brobeck

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Final Report on Price Manipulation in Western Markets
Docket No. PA2-2-000 (March 2003)

Summary of Findings

Part I

Part II

Part III

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Settlements

January 7, 2009
		Media Alert	FERC approves California market settlement.
		Order Approving Settlement
October 23, 2008
		Fact Sheet	FERC approves California settlement.
		Order Approving Settlement
June 30, 2008
		Fact Sheet	FERC approves two California market settlements.
		Order Approving Settlement
		Order Approving Settlement
June 4, 2008
		Fact Sheet	FERC approves three California market settlements.
		Order Approving Settlement
		Order Approving Settlement
		Order Approving Settlement
May 23, 2008
		Fact Sheet	FERC approves $26.5 million California settlement.
		Order Approving Settlement
April 2, 2008
		News Release	FERC approves $85.7 million Western energy settlement.
		Order Approving Settlement
January 9, 2008
		Fact Sheet	FERC approves Enron-Snohomish settlement.
		Order Approving Settlement
December 21, 2007
		Fact Sheet	FERC approves Enron settlement.
		Order Approving Settlement
July 6, 2007
		Fact Sheet	FERC approves $18 million California settlement.
		Order Approving Settlement
June 21, 2007
		News Release	Commission approves two western power settlements totaling more than $84 million that stem from the Commission's investigations into wholesale power markets during the Western energy crisis.
		Order Approving Settlement
		Order Approving Settlement
May 17, 2007
		Order Approving Settlement	FERC approves Settlement and Settlement and Release of Claims Agreement filed on March 12, 2007, by Portland General Electric company (PGE) and the California parties. The Settlement consiste of a "Joint Explanatory Statement" and a "Settlement and Release of Claims Agreement." The Settlement resolves matters and claims in the Refund Proceedings related to PGE and arising from events and transactiosn in the Western Energy Markets during the period January 1, 2000 through June 20, 2001.
March 1, 2007
		News Release	Commission approves multiparty APX settlement resolving matters related to western energy crisis.
		Order Approving Settlement
June 28, 2006
		News Release	Three Enron settlements approved; exclusive jurisdiction under Section 1290 of EP Act exercised.
		Order Approving Settlement
		Order Approving Settlement
		Order Granting Petition
		Order Dismissing Petition
May 22, 2006
		Order On Settlement	Idaho Power Company and IDACORP Energy: The Commission approved a settlement for $24,250,000.
January 25, 2006
		News Release	Agreement accepted between Enron and Nevada companies settling matters stemming from Western Energy Crisis.
		Order on Settlement
December 22, 2005
		News Release	Reliant: The Commission approved a settlement on December 22, 2005, valued at $512 million. Reliant must also submit monthly reports for a year that staff reviews.
		Order on Settlement
December 2, 2005
		Order On Settlement	Public Service Company of Colorado: The Commission approved a steelement for $7.3 million.
November 15, 2005
		News Release	Enron: The Commission approved a settlement for (a) $47 million in cash; (b) $875 million in an allowed unsecured claim; and (c) $600 million civil penalty in favor of the Attorneys General for California, Washington, and Oregon. (FERC accepts Enron settlement valued at $1.5 billion.)
		Order on Settlement
April 13, 2005
		News Release	Settlement valued at $500 million between Mirant, California Parties and FERC staff.
		Order on Settlement
December 7, 2004
		Order on Settlement	Commission accepts settlement between Duke and FERC staff, in the amount of $2.5 million, along with a global settlement between Duke and the California parties for $207.5 million.
October 27, 2004
		Order Approving Settlement	Commission accepts uncontested settlement with Colorado River Commission of Nevada, in the amount of $996,145.
October 25, 2004
		Order on Settlement	Commission accepts uncontested settlement between Dynegy and California Parties (EL00-95-000, EL00-98-000, EL01-10-000, IN03-10-000, PA02-2-000, et al,) in the amount of $281 million.
September 21, 2004
		Order Approving Settlement	Commission approves contested settlement with Modesto Irrigation District (EL03-159-000) in the amount of $14,034.
		Order Approving Settlement	Commission approves contested settlement with Duke Energy Trading and Marketing Company (EL03-152-000) in the amount of $549,973.
August 5, 2004
		Order Approving Settlement	Commission approved contested settlement with Dynegy Power Marketing, Inc. (EL03-153-000) in the amount of $3,014,942.59.
August 2, 2004
		Order Approving Settlement	Commission approved contested settlement with Coral Power (EL03-151-000) in the amount of $7,787,055.
		Order Approving Settlement	Commission approved contested settlement with City of Glendale, CA (EL03-147-000) in the amount of $25,000.
		Order Approving Settlement	Commission approved contested settlement with Northern Power Agency (EL03-196-000) in the amount of $22,448.
		Order Approving Settlement	Commission approved contested settlement with Sempra Energy Trading Corporation (EL03-173-000) in the amount of $7,238,516.
August 5, 2004
		Order on Settlement	Global settlement between Williams Energy and the State of California was approved in the amount of $1.4 billion.
May 6, 2004
		Order Approving Settlement	Commission approved settlement with Modesto Irrigation District (EL03-193-000) in the amount of $60,000.
March 26, 2004
		Order Approving Settlement	Commission approved contested settlement with Powerex Comporation in the amount of $1,300,000.
March 8, 2004
		Order Approving Settlement	Commission approved contested settlement with Acquila Merchant Services, Inc. in the amount of $75,975.
		Order Approving Settlement	Commission approved contested settlement with Morgan Stanley Capital Group, Inc. in the amount of $857,089.
		Order Approving Settlement	Commission approved contested settlement with PacifiCorp in the amount of $67,745.
		Order Approving Settlement	Commission approved contested settlement with Portland General Electric Company in the amount of $12,730.
March 4, 2004
		Order Approving Settlement	Commission approved contested settlement with Idaho Power Company in the amount of $83,373.
		Order Approving Settlement	Commission approved contested settlement with Reliant Resources, Inc., in the amount of $836,000.
January 22, 2004
		Order Approving Settlement	Commission approved contested settlement with the City of Redding, California, in the amount of $6,300.
		Order Approving Settlement	Commission approved uncontested settlement with American Electric Power Service Corporation in the amount of $45,240.
		Order Approving Settlement	Commission approved contested settlement with Puget Sound Energy, Inc., in the amount of $17,092.
		Order Approving Settlement	Commission approved contested settlement with Williams Energy Services Corp. in the amount of $45,230.
		Order Approving Settlement	Commission approved uncontested settlement with San Diego Gas and Electric Company in the amount of $27,972.
December 19, 2003
		News Release	Duke settles with Commission staff in the amount of $2.5 million.
		Order
December 18, 2003
		Order Approving Settlement	Commission approved uncontested settlement with Portland General Electric Company in the amount of $8.5 million.
November 14, 2003
		Order on Settlement	Commission approved a contested settlement between California and El Paso Corp. in the amount of $1.7 billion.
October 2, 2003
		News Release	Reliant settles California cases - proceeds could total $50 million.
		Order Approving Agreement
July 23, 2003
		Order Approving Settlement	Commission approved a settlement with El Paso Corp. in the amount of $15.5 million.
July 18, 2003
		Stipulation Agreement	FERC approves Stipulation and Consent Agreement with BP Energy on Price Manipulation in Western Markets. BP Energy to pay $3 million to fund low-income home energy assistance program.
		Order Approving Agreement
January 31, 2003
		News Release	Commission approves $13.8 million Settlement with Reliant Energy over Physical Withholding in California Power Exchange Market.
		Order Approving Agreement
		Transcripts

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Chronology at a Glance

January 7, 2009
		Media Alert	FERC approves California market settlement.
		Order Approving Settlement
Summer, 2000
			Sharp rise in Western energy prices, frequent system emergencies, severe financial distress to California utilities and customers.
July 26, 2000
		News Release	Commission directs staff to undertake a fact-finding investigation of the conditions in electric bulk power markets (including volatile price fluctuations) in various regions of the country and report its findings to the Commission by November 1, 2000.
August 2, 2000
		Complaint Filing	San Diego Gas and Electric files a complaint seeking price controls.
August 23, 2000
		Order Initiating Proceedings	Commission initiates a formal investigation of the electric rates and structure of the CAISO, PX and market-based sellers in the California wholesale market, in coordination with a nationwide fact-finding probe of the electric wholesale markets, and a refund date is set. This 'converts' the earlier staff investigation into a public proceeding with opportunity for comment and refund protection.
November 1, 2000
		Order Proposing Remedies	A Staff Report on Western Markets issues and the Commission orders that bids above $150 cannot set the market-clearning price in California. The period for which refunds can be made is broadened.
		Front Section	Part I of the Staff Report to the Federal Energy Regulatory Commission on Western Markets and the Causes of the Summer 2000 Price.
		Section 1
		Section 2
		Section 3
		Section 4
		Section 5
		Section 6
		Appendix A
		Report Cover	Part II of the Staff Report to the Federal Energy Regulatory Commission on the Bulk Power Markets in the United States.
		Northeast Region
		Midwest Region
		Southeast Region
		ERCOT
November 9, 2000
			Commission holds a technical conference with all California and Western Parties, including the California PUC as well as then Governor Gray Davis.
December 8, 2000
		Order Granting Waiver	Commission temporarily waives its rules regarding the operating and efficiency standards for jurisdictional (QF) generators to increase power supply in California.
December 15, 2000
		Order Directing Remedies	Commission eliminates the mandatory PX buy-sell requirement, sets a benchmark price for wholesale bilateral contracts, orders market monitoring, adds a penalty charge for underscheduling of power, orders the establishment of independent, non-stakeholder Governing Boards for the PX and ISO, and orders generation interconnection procedures.
February 14, 2001
		Order Addressing Tariff	Commission addresses CAISO's creditworthiness tariff revisions.
March 9, 2001
		Staff Proposal	Commission staff issues a proposal for monitoring and mitigating prices prospectively in California's wholesale spot power markets.
		Order Directing Refunds	The Commission also issues the first refund order directing sellers to provide refunds of excess amounts charged for certain electric energy sales during the month of January 2001.
March 14, 2001
		Order Removing Obstacles	Commission issues and order seeking to increase energy supplies and reduce energy demand in California and the West.
March 28, 2001
		Order Denying Motion	Commission orders hearing on anti-competitive issues relating to El Paso Natural Gas.
April 6, 2001
			Pacific Gas & Electric files for bankruptcy.
April 26, 2001
		Order Establishing Plan	Commission orders prospective mitigation and monitoring plan for California wholesale electric markets and establishes investigation into wholesale electric markets.
April 30, 2001
		Order Approving Agreement	Commission approves $8 million settlement with AES Southland and Williams Energy Marketing and Trading Company.
June 19, 2001
		Order on Mitigation	Commission issues orders calming market volatility by requiring generators to run and capping prices. Order's price-control limits on wholesale eletricity prices in California ISO and PX markets are never triggered.
July 25, 2001
		News Release	Commission orders separate hearing on energy prices in California and the Pacific Northwest.
December 2, 2001
			Enron files for bankruptcy.
February 13, 2002
		Order Directing Investigation	Commission institutes a staff-level investigation into Enron and the Western Energy Crisis in Docket No. PA02-2-000.

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