In Golden State blog, Michael Hiltzik finally explains the Great Power Markup of 2000-2001:
- The DWP has so far refused to concede that it should return the estimated $250-million windfall it drained from the pocketbooks of California ratepayers during the energy crisis in 2000 and 2001. That’s when sleazy maneuvers by the likes of Enron drove electricity prices up, and innocent municipal generators like DWP pocketed the windfall like everybody else who sold power.
Last week, Southern California Edison Co., Pacific Gas & Electric Co., and the California Electricity Oversight Board sued DWP and 20 other public power agencies for refunds of their windfall profits. I admit, I haven’t been paying much attention to this particular scandal – probably because I just wasn’t here in 2000-2001, but the full article is here for anyone who wants to catch up on the lawsuits.