PGE's Energy Trading Practices
The Federal Energy Regulatory Commission is investigating PGE but that may end due to this settlement. In many cases, documents PGE was forced to provide the government show that it knowingly participated in deceptive energy trades with Enron, its parent company.
cases instead of bringing it to trial was a very difficult decision for
us because we believe our traders did not engage in any actions
that harmed the power market."
"This is a
scam and you know it."
help to pull off these tricks, in part because it didn't control the
transmission grid. The names of PacifiCorp, Spokane-based Avista and
most frequently, Portland General Electric, appear in the new Enron
documents as Enron's counterparts."
played a role in helping their Enron counterparts loop electricity
from California into the Northwest and then back again -- creating
false congestion on California's energy grid and the threat of electricity
"We think there's
enough evidence with the Death Star trades and the posting errors to
make an argument that PGE mismanaged that portion of its trading."
for instance, to evidence produced recently by federal energy regulators
that Enron may have illegally traded with its own subsidiary Portland
General Electric Co. to evade California's price caps on electricity
generated within the state."
"PGE's own transcripts of telephone
conversations, submitted to federal regulators, show that some of the
utility's employees raised concerns about questionable transactions,
but they did not report those concerns to authorities."
"Thanks to the flagrant market manipulation in 2000 and 2001, Montana consumers paid rates that were anything but reasonable and just. In this state, businesses closed, jobs were lost and consumers were bilked out of millions".
"We've paid an unacceptably
high price for the energy companies' deception, not just through skyrocketing
power bills but in lost jobs and business opportunities. These lawsuits
aim to set that straight."
people knew that something strange was going on--they really could
have raised a red flag. One of the reasons they may not have is because
Enron is their corporate parent. And that is something, I think, we'd
be really interested to learn more about--whether or not there was
pressure from Enron--direct or indirect--that cause PGE employees to
look the other way."
Site design by Del Information Services