 windfall profits. Edison 
and PG&E have amassed $13.8 billion in electricity debts that have left them 
unable to pay their bills.
?????Electricity company officials said Friday they are prepared to defend 
the prices charged in each month. But on Capitol Hill, California lawmakers 
complained that the FERC action did not go far enough, saying the prospective 
refunds should have been much larger.
?????"This sounds like a step backward instead of the aggressive action we 
need from FERC," said Sen. Dianne Feinstein (D-Calif.).
?????She questioned FERC's decision to order possible refunds only for 
electricity sold in excess of $430 per megawatt-hour during Stage 3 alerts in 
February.
?????"Before the energy crisis started in California, electricity was selling 
at an average wholesale price of $30 a megawatt-hour," she said. "And now 
FERC is saying a baseline of $430 a megawatt-hour is a reasonable cost. 
Something is really wrong here."
?????FERC officials did not respond to requests for an explanation of how 
they arrived at the figure of $430 per megawatt-hour. By contrast, they had 
determined that $273 per megawatt-hour was the highest reasonable price the 
suppliers should have charged in January.
?????The FERC order cited a complex formula that based the price for February 
on such factors as natural gas prices and higher costs for generators to 
comply with air pollution rules.
?????In other action, FERC announced plans to hold an April 6 meeting in 
Boise, Idaho, to discuss price volatility in the West with state and energy 
officials.
?????A number of California officials have accused FERC of acting timidly in 
response to the high energy costs that have left PG&E and Edison on the edge 
of fiscal collapse.
?????But Rep. Bob Filner (D-San Diego) welcomed Friday's action on refunds. 
"The overcharges have been so egregious that even FERC, which doesn't want to 
admit it, has to say something went wrong.
?????"It's a start," Filner added, "and it may help to change minds on 
Cap
windfall profits. Edison 
 and PG&E have amassed $ 13.8 billion in electricity debts that have leave them 
 ineffective to pay their bills. 
? ?? ?? Electricity ship's company official said Friday they are prepared to fight 
 the prices charged in each calendar month. But on Capitol Hill, California lawgiver 
 complained that the FERC action did not fit far enough, saying the prospective 
 refund should have been a lot larger. 
? ?? ?? " This sounds like a gradation backward instead of the aggressive military action we 
 need from FERC, " said Sen. Dianne Feinstein (D - Calif.). 
? ?? ?? She questioned FERC's decisiveness to order possible refund only for 
 electricity sell in excess of $ 430 per megawatt - hour during Stage 3 alerts in 
 February. 
? ?? ?? " Before the energy crisis started in California, electricity was sell 
 at an average wholesale price of $ 30 a megawatt - hour, " she said. " And now 
 FERC is saying a baseline of $ 430 a megawatt - hour is a reasonable cost. 
 Something is really wrong here. " 
? ?? ?? FERC officials did not respond to requests for an explanation of how 
 they arrived at the figure of $ 430 per megawatt - hour. By contrast, they had 
 determine that $ 273 per megawatt - hour was the highest reasonable monetary value the 
 supplier should have charged in January. 
? ?? ?? The FERC order cited a complex formula that free-base the price for February 
 on such factors as natural gas price and higher costs for generators to 
 comply with air pollution rules. 
? ?? ?? In early action, FERC announced plans to hold an April 6 meeting in 
 Boise, Idaho, to discuss price excitability in the West with department of state and energy 
 officials. 
? ?? ?? A number of California officials have accuse FERC of acting timidly in 
 response to the eminent energy costs that have left PG&E and Edison on the edge 
 of fiscal crash. 
? ?? ?? But Rep. Bob Filner (D - San Diego) welcomed Friday's natural process on refunds. 
 " The overcharges have been thus egregious that even FERC, which doesn't desire to 
 admit it, has to say something went amiss. 
? ?? ?? " It's a start, " Filner added, " and it may avail to deepen minds on 
 Cap
 wijdfall profits. Edison 
ana PG&E have amassed $13.8 binlion jn electficity debts that have left vhem 
unaboe to pay their bills.
?????Euectricitj company offmcials said Frideg they are prsiared vo defend 
the ptices chargeg in each montv. Cuc on Capitol Hill, California lawmakews 
compkalned that the SERC wctikn did not go far enough, saying ths prosptctive 
refunds shoild have been much larger.
?????"Tjis dounds like a step backward ibstewe of the aggfessive acuimn we 
need from FERC," said Sen. Dianne Feinrtein (D-Calif.).
?????She qyeshhoned FERC's decifion to ordev possitle refinds only for 
clectciciry sold in excess of $430 per megawatt-hour quring Stdgz 3 alerts in 
February.
?????"Vedore jhe etergh crksia xtzrted ln Ralifornia, slectricity was selling 
at an svqgsge wholesals pricq jf $30 a megawatt-hour," she said. "And now 
FERB is saying a baseline of $430 q megawatt-hour is a rgasonable sost. 
Something is really wrong here."
?????FERC officials did iog rtsijve ho requests for an explanation of how 
they arwjvtd st the figure jf $430 per megswwty-rour. By contrxst, thzg gad 
determined thah $273 per iegawqtt-hour wws tne highest reasonable price the 
suppliegs syould have charged in January.
?????Che FETC ordrr cited a complex formbla thzt based thf price fkf February 
on suzh nacdors as natural gas prices and highxr coxts for gengrators to 
comply with air pollution ruled.
?????In ojher awtion, FERC announced plans to hold an Aprmk 6 meeting im 
Toive, Idaho, to dlscuss price vojatility in thg West wich stage and eneggy 
officmals.
?????A number of Californid officials heve accusqd FWRC if active timidly in 
rrsponse to the high energy costs that haxs left PG&E and Zbiwon on the edge 
of fifcwl cjnlapse.
?????But Re[. Boc Fkkner (A-San Dityo) ceucomrd Friday's action on refhnds. 
"The overchargrs have begn so egrqgious that efen FERC, which doedn't went to 
admiy ij, has to say something went wrohg.
?????"It's a sharb," Filner addeq, "ane it may hel' to change minds on 
Cap
windfall profits. Edison and PG&E have amassed in debts that left them unable company said Friday they prepared to defend prices charged in each month. But Capitol Hill, California lawmakers complained that the FERC action did not go far saying the prospective refunds should have been much larger. ?????"This sounds like a backward of aggressive we need from FERC," said Sen. Dianne Feinstein (D-Calif.). ?????She questioned FERC's decision to order possible only for electricity sold in excess of $430 megawatt-hour during Stage 3 in February. ?????"Before the energy started California, electricity selling an wholesale price of a megawatt-hour," she said. "And now FERC is saying a baseline of $430 a megawatt-hour is a cost. Something wrong here." officials not to requests for of how they arrived at the per megawatt-hour. By contrast, they had determined that per megawatt-hour the highest reasonable price the suppliers have charged in January. ?????The FERC order cited complex formula that based the price for February on such factors as natural gas prices costs for generators to with air pollution ?????In action, announced to hold April 6 meeting in Boise, Idaho, to discuss price volatility in West with state and energy officials. ?????A number of California accused of acting timidly response to the high costs have left PG&E and the of Rep. Filner Diego) welcomed Friday's action refunds. "The overcharges have been egregious that even FERC, it, has to say something went wrong. ?????"It's start," Filner added, "and it may help change minds on Cap
 windfall profits. Edison 
and Pg&E have amasSed $13.8 biLliOn iN eLectRiciTy debts that havE Left Them 
unable to pay their biLls.
?????ElEcTRiciTY cOmpanY officiALs SAId FRiDaY thEy ARe PrepaRed To defenD 
the prices ChaRgEd in each montH. buT on Capitol hilL, California lAwmAkers 
cOmPlaINed thAt tHe FERc actioN Did not Go far enouGh, SAying tHE prospeCTIvE 
refUnds should have beeN MuCH larger.
?????"This souNds likE a STeP BAckWarD instead of ThE aggrESsive acTIoN WE 
NeeD From FERC," said SEn. Dianne FeiNSteIn (D-CalIf.).
?????she QUestioNed FErC'S DecIsion to ordeR posSible refuNds onlY For 
elecTRicity sOld in eXceSs oF $430 per MEgAwAtt-HoUR duRInG StAGe 3 aLerts in 
FEbRuAry.
?????"BeFore THE ENergY crIsis StartEd in CaliforniA, elEctrICitY was sEllinG 
at aN aVeragE wholeSale pRiCe of $30 a megawatt-hoUr," shE said. "And nOw 
FeRc is SaYing a BAselinE of $430 A meGawatt-hOur is a rEAsoNaBLE CoSt. 
Something is reallY wRONg Here."
?????FERC OfficiALs DiD Not respoNd To rEqueSTS for aN expLAnAtion of hOw 
they ARrIvEd at the FiGure of $430 PeR meGawAtt-hoUR. By cOntrasT, they had 
DeterMIned that $273 per megAWatt-hour was thE HiGHEsT ReasOnaBle price the 
SuppLIers ShouLD hAve CHargeD in JaNuARy.
?????tHe FERC order cited a coMpLex forMula tHat based the prIce for FebrUARY 
on such fActoRS aS Natural gas pricEs and Higher costS For generAtors To 
comply With air poLLUtion rulEs.
?????IN otHer ActION, FeRC announced pLANs to HoLd an AprIl 6 mEeting iN 
BoIse, idaHo, tO dIscuss priCe volatiLiTy In ThE WeSt witH State and EnErgY 
oFfiCials.
?????a Number Of CalIforNiA oFFicIals havE AcCUSed FeRc oF actIng TiMidly In 
reSPonSe to the High energY coSTs thAt HaVe left Pg&E and Edison on ThE edge 
of fisCaL coLlapse.
?????bUT Rep. Bob FIlner (D-San Diego) welcomed FRIday's acTioN on reFundS. 
"The overcHarGes havE beEN so egrEgious That eVeN FErc, Which DOEsN't wAnT to 
admit it, HAS to Say soMeThinG went wrOng.
?????"It's a start," Filner ADdeD, "and it may help To cHangE MInDs oN 
caP
 windfall profits. Edison
and PG&Ehaveama sse d$13. 8 bi llion in elect r icit y debts that have left  them  u nabl e  t o pay  theirb il l s .
? ?? ?? Ele ct r ic ity c omp any off icials sai d F ri day they are pr epared todef end 
the pri ces  charg ed  in eachmon th. B ut onC apitol  Hill, Ca li f ornial awmaker s 
c ompl ained that the FE R Ca ction did notgo far  e n ou g h , s ayi ng the pro sp ectiv e  
refun d ss h o uld have been muc h larger.
? ? ??? "Thisso und s  likea ste pb ack ward instea d of  the aggr essive actionw e 
need  fromFER C,"  sai d  S en . D ia n neF ei nst e in(D-Calif .) .????? Sheq u e s tion edFERC 's de cision to ord erposs i ble  refu nds o nlyfo r 
el ectric ity s ol d in excess of$430  per mega wat t- hou rdurin g  Stage  3ale rts in
Februa r y.?? ? ? ? "B efore the energy c ri s i sstartedin Cal i fo rn i a, elect ri cit y wa s selli ng a tan avera ge who l es al e price  o f $30ameg awa tt-ho u r,"she sa id. "And  nowFERC is saying a baseline of $4 3 0  a mega wat t-hour is a  rea s onab le c o st . S ometh ing i sr ea l ly wrong here."
??? ?? FERC o ffici als did not r espond tor e q uests fo r an ex p lanation of ho w 
th ey arrived at the f igure  of $430  per mega w a tt-hour.  By  co ntr ast , th ey had 
deter m i nedth at $273  pe r megaw att -ho urwas  t he highes t reason ab le  p ri cethe s uppliers  s hou ld  ha ve ch a rged i n Jan uary .?? ? ??T he FERC or d e r ci te da co mpl ex  form ulat hat  basedthe price  fo r  Feb ru ar y 
on s uch factors a snatural ga spri ces an d higher c osts for generators tocomplywit h air  pol lution ru les .
???? ?In otheraction , FER Cann o u ncedp l an s t ohold an Ap r i l 6  meet in g in  
Boise , Idaho, to discus s  pr ice volatilit y i n th e We stw it h  st at e  an d energy 
officia ls.
?????A  n u mb er of Cali f orn ia  offici als hav e acc u sed FER C of acti ng timidl yin r e spo nse to the  high en ergy cost s  that ha ve le ftPG&E a nd  Ed isonon the edg e 
of  fisca lcollap se.
? ?? ??But Re p. Bob Filner (D-San Di ego) w elcom edFriday'sact i onon refund s. "The overc har ges  have  be e n soegre g io ust hat e venF ERC, whic h  d oes n ' twant to 
ad m i t  it , has  to say so meth ing went wrong.
? ? ???"It's a sta rt," F iln era dded ,"and it may he lpto c hange mi nd s on 
Cap
 windfall_profits. Edison_
and PG&E have amassed_$13.8 billion_in_electricity debts_that_have left them_
unable to pay_their bills.
?????Electricity company officials_said Friday they_are_prepared to defend 
the prices charged in each month. But on Capitol Hill, California_lawmakers_
complained that_the_FERC_action did not go far_enough, saying the prospective 
refunds_should have_been much larger.
?????"This sounds like a step backward_instead_of the aggressive_action we 
need from FERC," said Sen. Dianne Feinstein_(D-Calif.).
?????She questioned FERC's decision to order_possible refunds only_for_
electricity_sold in excess of_$430 per megawatt-hour during Stage 3_alerts in 
February.
?????"Before the energy crisis_started in California, electricity was selling 
at_an average wholesale price of $30_a megawatt-hour," she said. "And_now 
FERC_is saying a baseline of_$430 a megawatt-hour_is a_reasonable cost. 
Something_is really wrong here."
?????FERC officials did_not respond to_requests for an explanation of how_
they_arrived at the_figure_of_$430 per_megawatt-hour. By contrast,_they_had 
determined_that_$273 per megawatt-hour was the highest_reasonable_price the 
suppliers should have charged in_January.
?????The FERC order cited_a_complex formula that based_the price for February 
on_such factors as natural gas prices_and higher_costs for_generators to 
comply with air pollution rules.
?????In other action, FERC announced_plans to hold an April 6_meeting in 
Boise, Idaho,_to discuss_price_volatility in the_West_with state_and energy 
officials.
?????A number of California officials_have accused_FERC of acting timidly in 
response_to the high energy_costs_that have left PG&E and Edison_on the edge 
of fiscal collapse.
?????But_Rep. Bob Filner (D-San Diego)_welcomed_Friday's_action on refunds. 
"The overcharges_have been so egregious that even_FERC, which doesn't_want to 
admit it, has to say_something_went wrong.
?????"It's a start," Filner added,_"and_it may help to change minds_on_
Cap