[Congressional Record Volume 149, Number 49 (Wednesday, March 26, 2003)]
[Senate]
[Pages S4444-S4445]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mrs. BOXER:
  S. 723. A bill to amend the Federal Power Act to provide refunds for 
unjust and unreasonable charges on electric energy in the State of 
California; to the Committee on Energy and Natural Resources.
  Mrs. BOXER. Mr. President, today, the Federal Energy Regulatory 
Commission, FERC, released documents substantiating evidence of market 
manipulation during the California electricity crisis.
  At the same time, I am stunned that FERC took no action today on 
ordering the companies that cheated California to pay refunds. Nor did 
FERC order renegotiation of the long-term electricity contracts that 
were entered into when prices were artificially inflated. The documents 
released provide absolute and irrefutable evidence of market 
manipulation by power generators and wholesale traders during 
California's electricity crisis. I believe it is long past due to end 
the discussions and deliberations and time to start sending the refund 
checks.
  FERC should use its authority to order full refunds and order them 
immediately. To make sure that happens, I am introducing legislation to 
guarantee that the people of California get back the money they are 
owed.
  When the crisis first began in 2000, I introduced my first bill to 
order refunds. The bill that I am introducing today would require 
energy companies to pay full refunds in the minimum amount of $8.9 
billion. In addition, my bill requires the FERC to order the 
renegotiation of long-term contracts.
  I ask my colleagues to support this legislation. We must not let 
these companies get away with thievery.

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