[Congressional Record Volume 147, Number 86 (Wednesday, June 20, 2001)]
[Senate]
[Page S6522]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mrs. BOXER:
  S. 1068. A bill to provide refunds for unjust and unreasonable 
charges on electric energy; to the Committee on Energy and Natural 
Resources.
  Mrs. BOXER. Mr. President, earlier this week the Federal Energy 
Regulatory Commission issued an order to provide price mitigation to 
California's electricity market. This order is a stunning turnaround 
for an agency that refused to recognize that this energy crisis is a 
regional problem and that cost-based pricing is in order. However, 
FERC's order does not adequately address past grievances regarding 
refunds for overcharges by the generators.
  Therefore, today I am introducing the Electricity Gouging Relief Act 
in an effort to bring much needed relief to consumers, businesses and 
the State of California from price gouging by electricity generators. 
This legislation helps to right past wrongs by providing rebates in 
cases where companies were engaged in gouging.
  Generators' profits increased on average by 508 percent between 1999 
and 2000. One company, Reliant Energy, experienced a 1,685 percent 
increase in profits in the same time period. This compares to a 16 
percent increase in profits across the electric and gas industry and an 
increase in demand of only four percent.
  My bill would require the Federal Energy Regulatory Commission, FERC, 
to order refunds for past electricity purchases in cases where FERC 
determined that the prices charged by the generators were ``unjust and 
unreasonable.'' The bill would affect electricity sales that took place 
between June 1, 2000--when price spikes first occurred in San Diego and 
June 19, 2001--the day before FERC's order became effective.
  I encourage my colleagues to support this bill. FERC's actions on 
Monday are a step in the right direction. Now, we need to refund 
overcharges by the generators to consumers.
  I ask unanimous consent that the text of the bill be printed in the 
Record.
  There being no objection, the bill was ordered to be printed in the 
Record, as follows:

                                S. 1068

       Be it enacted by the Senate and House of Representatives of 
     the United States of America in Congress assembled,

     SECTION 1. SHORT TITLE.

       This Act may be cited as the ``Electricity Gouging Relief 
     Act of 2001''.

     SEC. 2. REFUNDS FOR EXCESSIVE CHARGES.

       Section 206 of the Federal Power Act (16 U.S.C. 824e) is 
     amended by adding at the end the following:
       ``(e) Refunds for Excessive Charges.--
       ``(1) Notwithstanding any other provision of this section, 
     the Commission shall, within 60 days after enactment of this 
     subsection, order a refund for the portion of charges on the 
     transmission or sale or electric energy that are or have been 
     deemed by the Commission to be unjust or unreasonable. Such 
     refunds shall included interest from the date on which the 
     charges were paid.
       ``(2) The refunds ordered under paragraph (1) shall apply 
     to charges paid between June 1, 2000 and June 19, 2001.''.
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