Addressing the 2000–2001 Western Energy Crisis
Reverse Chronology at a Glance
|
Click on the categories below to view additional information. |
|
|
December 18, 2008
Item E-1: FERC orders paper hearings on Supreme Court remand of California contracts News Release
| Decision
October 23, 2008
June 30, 2008
June 4, 2008
May 23, 2008
April 2, 2008
March 20 , 2008
January 8, 2008
January 4, 2008
|
|
|
|
November 19, 2007
FERC denies rehearing of framework for evidence in California refund methodology
(EL00-95-136) Decision
October 18, 2007
FERC vacates California refund orders relating to non-public entities (EL00-95-164) Fact Sheet | Decision
July 6, 2007
June 21, 2007
June 21, 2007
March 17, 2007
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 consists 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 transactions in the Western Energy Markets during the period January 1, 2000 through June 20, 2001 Decision
March 1, 2007
Commission approves multiparty APX settlement resolving matters related to western energy crisis News Release | Decision
|
|
|
|
June 28, 2006
|
May 23, 2006
|
January 25, 2006
Agreement accepted between Enron and Nevada companies settling matters stemming from Western Energy Crisis
News Release | Decision
|
|
|
|
April 13, 2005
March 11, 2005
The Commission clarifies that the disputed terminated contracts between Enron
and various utilities (executed during the period January 16, 1997 to June 25,
2003) are within the scope of this proceeding, and shall be addressed in the
ongoing hearing in Docket No. EL03-180, et al., subject to any applicable bankruptcy
restrictions Order
on Clarification
January 31, 2005
FERC trial staff testifies in Enron Gaming case that Enron’s profits in Western states from 1997 through 2003 was more than $1.6 billion, and recommends that Enron be required to surrender the full amount
|
December 7, 2004
December 3, 2004
The Chief Judge suspends the hearing in Docket No. EL04-1-000 at the request of Nevada Power Company and Sierra Pacific Power Company, after bankruptcy judge enjoins the Nevada utilities from participating in the Enron contract dispute proceeding Order
October 27, 2004
October 25, 2004
September 22, 2004
September 21, 2004
August 5, 2004
August 2, 2004
Commission approves gaming and partnership settlements with:
July 22, 2004
- Commission orders Enron to forfeit at least $32.5 million in unjust profits because
it violated its market-based rate authority;
- Commission set for expedited hearing
a complaint by Nevada Power Company and Sierra Pacific Company against Enron
Power Marketing, Inc relating to a contract termination payment of $300 million;
- Commission directed the ALJ to determine how much more of Enron’s profits
earned between January 1997 and June 2003 Enron should be required to forfeit
since it was not in compliance with its market-based rate authority
July 2, 2004
May 6, 2004
April 19, 2004
March 26, 2004
March 8, 2004
Commission approves gaming and partnership settlements with:
March 4, 2004
Commission approves gaming and partnership settlements with:
February 2004
Snohomish obtains recordings of Enron trader conversations with the help of Commission trial staff
January 26, 2004
The FERC Chief Administrative Law Judge consolidates for hearing the remaining Gaming and Partnership cases with outstanding Enron issues (EL03-180). Order
January 22, 2004
Commission approves gaming and partnership settlements with:
|
December 19, 2003
Commission approves $2.5 million settlement with Duke Energy in the anomalous
bidding investigation
December 18, 2003
November 17, 2003
Commission finalizes anti-manipulation rules Order
November 14, 2003
October 2, 2003
Commission approves settlement with Reliant for up to $50 million in disgorgement of profits in the anomalous bidding investigation
July 23, 2003
July 18, 2003
July 15, 2003
A FERC Administrative Law Judge issues an Initial Decision finding that Enron
must disgorge $32.5 million in profits earned in violation of its market-based
rate authority. Initial Decision
June 26, 2003
In order to prevent market abuse and provide clear "rules of the road"
for all market participants, the Commission proposed
rules to curb improper market manipulation while tightening communication and reporting
requirements for electric power and natural gas markets.
June 25–26, 2003
Commission Upholds Western Power Contracts, Connecticut Contract
June 25, 2003
Commission revokes Enron’s market-based rate authority
June 25, 2003
Commission issues Show Cause Orders on Gaming and Partnerships, against 67
entities, and orders OMOI to conduct anomalous bidding investigation of all
market participants, including Enron, that had bid into the California electricity
market at prices above $250.
March 26, 2003
March 26, 2003
Commission issues Final Report on Price Manipulation in Western Markets, moves to strip Enron of its market-based rate authority and alters natural gas pricing methodology for calculating refunds in a move expected to increase anticipated final refund amount
March 26, 2003
Commission Expects Jump In California Energy Refunds
March 26, 2003
Commission issues Show Cause Orders that Address Manipulation
January 31, 2003
Commission approves $13.8 million settlement with Reliant for 2 days of physical withholding.
|
|
|
|
December 13, 2002
California with the assistance of FERC ALJ reaches settlement with Williams to
restructure energy contracts (estimated $1.4 billion savings)
August 13, 2002
- Commission issues Initial Report on Investigation of Potential Manipulation of Electric and Natural Gas Prices in Western Markets, PA02-2 :
- At the same time, Commission issues three Enron-related Enforcement orders, involving Enron’s activities with:
February 13, 2002
Commission institutes a staff-level investigation into Enron and the Western Energy Crisis in Docket No. PA02-2-000 Order
|
December 2001
July 25, 2001
Commission orders separate hearing on energy prices in California and the Pacific Northwest News Release
June 19, 2001
Commission issues orders calming market volatility by requiring generators to run and capping prices. Order’s price-control limits on wholesale electricity prices in California ISO and PX markets are never triggered Order [TIF]
April 30, 2001
April 26, 2001
Commission orders prospective mitigation and monitoring plan for California wholesale electric markets and establishes investigation into wholesale western energy markets Order
April 6, 2001
March 28, 2001
Commission orders hearing on anti-competitive issues relating to El Paso Natural Gas Order [TIF]
March 14, 2001
Commission issues an order seeking to increase energy supplies and reduce energy demand in California and the West Order
March 9, 2001
- Commission staff issues a proposal for monitoring and mitigating prices prospectively in California’s wholesale sport power
markets Staff Proposal [TIF]
- 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 Order
![PDF](https://webarchive.library.unt.edu/eot2008/20090506190606im_/https://www.ferc.gov/images/icon_pdf.gif)
February 14, 2001
Commission addresses CAISO’s creditworthiness tariff revisions Order
|
December 15, 2000
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 the ISO, and orders generation interconnection procedures Order
December 8, 2000
Commission temporarily waives its rules regarding the operating and efficiency standards for jurisdictional (QF) generators to increase power supply in California Order
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 Transcript [eLibrary]
November 1, 2000
A Staff Report on Western Markets issues and the Commission orders that bids above $150 cannot set the market-clearing price in California. The period for which refunds can be made is broadened.
- Order
;
- Part I of the Staff Report to the Federal Energy Regulatory Commission
on Western Markets and the Causes of the Summer 2000 Price
- Part II of the Staff Report to the Federal Energy Regulatory Commission
on the Bulk Power Markets In the United States
August 23, 2000
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 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 Order
August 2, 2000
San Diego Gas & Electric files a complaint seeking price controls Complaint Filing [TIF]
July 26, 2000
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 News Release
Summer 2000
Sharp rise in Western energy prices, frequent system emergencies, severe financial distress to California
utilities and customers
|
|
|
| ![](https://webarchive.library.unt.edu/eot2008/20090506190606im_/https://www.ferc.gov/images/clear.gif) |
![](https://webarchive.library.unt.edu/eot2008/20090506190606im_/https://www.ferc.gov/images/clear.gif)
![](https://webarchive.library.unt.edu/eot2008/20090506190606im_/https://www.ferc.gov/images/cnr_tl_E0E3F6.gif) |
![](https://webarchive.library.unt.edu/eot2008/20090506190606im_/https://www.ferc.gov/images/clear.gif) |
![](https://webarchive.library.unt.edu/eot2008/20090506190606im_/https://www.ferc.gov/images/cnr_tr_E0E3F6.gif) |
|
Important Items
Final Report on Price Manipulation In Western Markets (March 2003)
Enron Trading Memos
|
|
![](https://webarchive.library.unt.edu/eot2008/20090506190606im_/https://www.ferc.gov/images/cnr_bl_E0E3F6.gif) |
![](https://webarchive.library.unt.edu/eot2008/20090506190606im_/https://www.ferc.gov/images/clear.gif) |
![](https://webarchive.library.unt.edu/eot2008/20090506190606im_/https://www.ferc.gov/images/cnr_br_E0E3F6.gif) |
|