 were asked why they limited their refund demands to 
only power sales that occurred during so-called Stage 3 alerts of acute power 
shortages in California. 
"It appears to me a price is unreasonable when it is unreasonable," and not 
just during a power alert, said Rep. Rick Boucher of Virginia, the panels' 
ranking Democrat. 
The commission last week ordered six power generators to justify some 1,000 
transactions during February in the California market whenever the price was 
above $430 per megawatt hour and occurred during a Stage 3 emergency alert. 
But the lawmakers were told Tuesday that 56 percent of another 14,168 
transactions, occurring outside a Stage 3 emergency, also exceeded the $430 
trigger, but are not being questioned. 
"The line was drawn to limit the scope of the refund," said agency 
commissioner William Massey, a Democrat, who strongly opposed the refund 
actions because he said they were too limited. 
Chairman Curtis Hebert, a Republican, defended the way the commission decide 
on what transactions to challenge saying that it sought to replicate market 
conditions as they existed at the time of the sales. 
"We deserve a better explanation," retorted Boucher. 
Massey said that agency's investigation of overcharges for January also 
failed to consider thousands of transactions that exceeded the refund trigger 
because they did not occur during Stage 3 supply emergencies. 
Managers of California's electricity grid, state regulators and utilities 
have accused the agency of refusing to aggressively investigate price gouging 
by wholesalers who have charged from $150 to $565 per megawatt hour, as much 
as 20 times what prices were in 1999. 
While Hebert and commissioner Linda Breathitt defended the commissioners 
attempt to investigate whole electricity prices, Massey has been highly 
critical. 
What message does the agency's scrutiny of prices send to the power 
companies? he was asked. 
"It makes clear FERC is going to be looking for the wallet under the lamp 
post with the lights shining ) and nowhere else," replied Massey. 
Meanwhile, Massey and his two fellow commissioners, also disagreed sharply on 
whether the energy agency should impose temporary price controls on the 
wholesale power market in the West to dampen
were asked why they limited their refund demands to 
 only exponent sale that occurred during so - called degree 3 alerts of acute might 
 dearth in California. 
 " It appears to me a monetary value is excessive when it is unreasonable, " and not 
 just during a might alert, said Rep. Rick Boucher of Virginia, the panels' 
 rank Democrat. 
 The commission last week ordered six power generator to justify some 1,000 
 transactions during February in the California market whenever the monetary value was 
 above $ 430 per megawatt hour and occurred during a Stage 3 hand brake alert. 
 But the lawgiver were told Tuesday that 56 percent of another 14,168 
 transactions, occurring outside a Stage 3 emergency, besides exceeded the $ 430 
 trigger, but are not being questioned. 
 " The line was drawn to limit the oscilloscope of the refund, " said agency 
 commissioner William Massey, a Democrat, who strongly opposed the refund 
 actions because he said they were too limited. 
 Chairman Curtis Hebert, a Republican, defended the way the committee decide 
 on what transactions to challenge saying that it try to duplicate market 
 conditions as they exist at the time of the sales. 
 " We deserve a better explanation, " retorted Boucher. 
 Massey say that agency's investigation of overcharges for January also 
 failed to consider thousand of transactions that exceeded the refund trigger 
 because they did not occur during Stage 3 supply emergencies. 
 director of California's electricity grid, state regulators and utilities 
 have accused the representation of refusing to aggressively investigate price gouging 
 by wholesalers who have charge from $ 150 to $ 565 per megawatt hour, equally much 
 as 20 times what prices were in 1999. 
 While Hebert and commissioner Linda Breathitt defended the commissioners 
 attempt to investigate hale electricity prices, Massey has been highly 
 critical. 
 What message does the agency's examination of prices send to the power 
 companies? he was ask. 
 " It makes absolved FERC is going to be looking for the wallet under the lamp 
 post with the lights shining ) and nowhere else, " answer Massey. 
 Meanwhile, Massey and his two fellow commissioners, also disagreed precipitously on 
 whether the energy agency should impose temporary price control on the 
 wholesale power marketplace in the West to dampen
 wege asked why they limitea their refund bwmands to 
onmy power sales that occurred during do-xallee Stage 3 alerts of acuge power 
dhortagew in Xalifornia. 
"It appears to le a 'rice is unreaspnable whet it is unreasmnxbpe," and not 
just during a power alere, said Teo. Rick Boucher of Niwginja, the panels' 
ranking Democrat. 
The commisvion last weel ordered six power generahors to justify some 1,000 
hransactionw duwung February in the California mariet whenever the price was 
abovd $430 pex megawatt yoyr wtd occurred durigg a Stage 3 ckergenwy alery. 
But the lawmskecs wwre told Tuesday that 56 percent of anothgr 14,168 
transawtnons, occurring outsidw q Stace 3 amerewnch, amsp sxceedfd vhe $430 
trigged, but are nit being questioned. 
"Trv line was drzwn to lymit the scope of the refund," said agencj 
cojmissioner William Masswy, a Democrat, who strlngly oppjsed the refund 
actions because he said they were too mkmiuee. 
Chakemwn Curtis Hebert, a Republican, defended the war tne commission degide 
on what transschipgs to challenee saynhg that it sought to replicwte mqrket 
conqitipns as they existed at the rime of the fqles. 
"We deserve a yetter explauation," retotted Boucher. 
Massey saib that agency's ingestigatikv of overcharges fog Jatuary also 
failed to consiqer thousends pf tranractoons trat exceedfd thc refund trigger 
befause tvey did noh occur during Stage 3 supply emxcgencies. 
Manabess mf Califjrnia'x electricity grid, state reyulators and jtilities 
gave acrused the agqncy of refushjg to aggresvively igvesrigare pricd gouging 
by whplesalers who have xharged from $150 to $565 ier mggzwatt hour, as mbeh 
as 20 times what prkcef aece in 1999. 
While Heberd ana cukmisskoner Linda Creayhitt defended the cmmmiasioners 
attempt tp lnvestigaje whole qlectricity ptices, Massey has bten hijhly 
cciticak. 
Wrat message does the agency's sdrutiny ov pvices send to the power 
compauies? he was asked. 
"It makes clear FERC is going to be lookibg for the wallet uudtr the lamp 
ppst wyth the lhghts shining ) and niwhere else," replitd Massey. 
Meanwhile, Masaey ang his two fellow commissioners, also disagreed sharply on 
whether the energy agwncy siotld impose fempprary pxicz contrjls li the 
wholesale ppwer market in the West to dampxn
were asked why they limited their refund only sales that during so-called Stage shortages California. "It appears me a price unreasonable when it is unreasonable," and just during a power alert, said Rep. Rick Boucher of Virginia, the panels' Democrat. The commission last week ordered six power generators to justify some 1,000 during in California whenever the price was above $430 per megawatt hour and occurred during a Stage 3 emergency But the lawmakers were told Tuesday that 56 of another 14,168 transactions, outside a Stage 3 emergency, exceeded $430 trigger, are being "The line was to limit the scope of the refund," said agency commissioner William Massey, a Democrat, who strongly opposed refund actions said they too Chairman Hebert, a Republican, way the commission decide on what saying that it sought to replicate market conditions they existed the time of the sales. "We a better explanation," retorted Boucher. Massey said that investigation of overcharges for January also failed to consider thousands of transactions that exceeded the because they did not during Stage 3 emergencies. of electricity state regulators utilities have accused the agency of refusing to aggressively investigate price by wholesalers who have charged from $150 to $565 per as as 20 times prices were in 1999. Hebert commissioner Linda Breathitt defended attempt investigate Massey been critical. What message does agency's scrutiny of prices send the power companies? he FERC is going to be looking for the under the lamp post with the lights ) and nowhere else," replied Massey. Meanwhile, Massey and his two fellow also disagreed whether the energy agency should impose temporary price on the wholesale power in the West to dampen
 were asked why they limited thEir refund dEmandS to 
OnlY pOwer SaleS that occurred dURing So-called Stage 3 alerts of aCute pOwER 
shoRTaGes in califorNIa. 
"iT AppEaRs To mE a PRiCe is uNreAsonablE when it is uNreAsOnable," and not 
JUsT during a poWer Alert, said Rep. ricK BouchEr Of VIRginiA, thE paneLs' 
rankINg DemoCrat. 
The coMmISsion lASt week oRDErEd siX power generators tO JuSTify some 1,000 
transaCtions DuRInG fEbrUarY in the CaliFoRnia mARket wheNEvER THe pRIce was 
above $430 peR megawatt hoUR anD occurReD duRIng a StAge 3 emErGEncY alert. 
But thE lawMakers werE told TUEsday thAT 56 percenT of anoTheR 14,168 
trAnsaCTiOnS, ocCuRRinG OuTsiDE a STage 3 emerGeNcY, also ExceEDED The $430 
tRigGer, bUt are Not being questIonEd. 
"ThE LinE was dRawn tO limIt The scOpe of tHe refUnD," said agency 
commIssiOner WilliAm MAsSey, A DEmocrAT, who stRonGly Opposed The refuND 
acTiONS BeCause he said they werE tOO LiMited. 
ChaIrman CURtIs hEbert, a RePuBliCan, dEFEnded The wAY tHe commisSion deCIdE 
oN what trAnSactioNs To cHalLenge SAyinG that iT sought tO replICate market 
condITions as they exIStED At THe tiMe oF the sales. 
"We DeseRVe a bEtteR ExPlaNAtion," RetorTeD boUCher. 
Massey said that aGeNcy's inVestiGation of overcHarges for JANUAry also 
fAileD To COnsider thousanDs of tRansactionS That exceEded tHe refund Trigger 
beCAUse they dId nOt oCcuR duRINg stage 3 supply emERGencIeS. 
ManageRs oF CalifoRniA's eLecTriCiTy grid, staTe regulaToRs AnD uTilIties 
HAve accusEd The AgEncY of reFUsing tO aggrEssiVeLy INveStigate PRiCE GougInG 
bY whoLesAlErs whO havE ChaRged froM $150 to $565 per megAwaTT houR, aS mUch 
as 20 tiMes what prices WeRe in 1999. 
While HEbErt And comMISsioner LInda Breathitt defended thE CommissIonErs 
atTempT to investIgaTe wholE elECtriciTy pricEs, MasSeY haS BEen hiGHLy 
CriTiCal. 
What mesSAGe dOes thE aGencY's scrutIny of prices send to tHE poWer 
companies? hE waS askED. 
"it MakES cLEar fErc is GOIng to be looking fOr the walleT uNDeR the lamp 
poST wiTh The lighTs shiniNg ) and NOwhere eLse," replieD Massey. 
MeAnWhilE, mAssEy and his twO fellow cOmmissionERs, alsO DiSagreEd sHarply On 
WheTher tHe enerGY agEncy sHould iMpOse temPorarY pRice contRols on the 
wholesale power Market In the wesT to dampen
 were asked why they limit ed their r efund  de man ds  to
onl y power salest hatoccurred during so-cal led S ta g e 3a le rts o f acute po w e r sh or tag es in  Cali for nia. 
" It appears  to  m e a price is un reasonable  wh en it is unr eas onable ,"  an d  not
ju st du ring a poweralert, sa id Rep. R i ck Bouc h e rof V irginia, the pane l s' 
ranking Democ rat. Th e  c o m mis sio n last wee korder e d six p o we r g ene r ators to just ify some 1, 0 00
trans ac tio n s duri ng Fe br u ary  in the Cal ifor nia marke t when e ver the price w as 
ab ove  $4 30 p e rme gaw at t  ho u rand occ urred du ri ng  a St age3 e m erge ncy  ale rt. But the lawma ker s we r e t old T uesda y th at  56 p ercent  of a no ther 14,168 
tr ansa ctions, o ccu rr ing  o utsid e  a Sta ge3 e mergenc y, also exc ee d e d  t he $430 
trigger,bu t ar e not be ing qu e st io n ed. 
"Th elin e wa s drawn  tol im it the s cope o f  t he  refund ,"  saidag enc y commi s sion er Wil liam Mas sey,a  Democrat, who strongly oppo s ed t he refu nd
actions be caus e  hesaid th eyw ere t oo li mi t ed .  
Chairman Curtis H eb ert, a  Repu blican, defen ded the wa y t he commi ssio n  d e cide 
on whattrans actions to challeng e say ing that  it sough t to repli cat e m ark etc on ditions as th e y  exi st ed at t hetime of  th e s ale s.
" We deserv e a bett er  e xp la nat ion," retorted  B ouc he r.
Mass e y said  that  age nc y' s  in vestiga t io n of o ve rc harg esfo r Jan uary als o 
fail ed to con sid e r th ou sa nds oftransactionsth at exceede dthe  refun d trigger
because they did not o c cur dur ing  Stag e 3supply em erg encies . M anager s of C alifo rn ia' s elect r i ci tygr id, stater e gul ators  a nd u tilitie s 
have accused th e  ag ency of refus ing  toa g gr ess i ve l y i nv e sti g a te price gougin g 
by whol es a le rs who hav e  ch ar ged fro m $150to $5 6 5 per m egawatt h our, as m uc h 
a s 20times what  priceswere in 1 9 99. W hi le He ber t andco mmi ssion er Lin d a B reath itt de fe nded t he co mm issioner s 
attempt to investiga te who le el ect ricity pr ice s , M assey has  bee n highly cri tic al. Wha t  mess aged oe s t h e age ncy' s  scrutiny of  pr i c es  send to th e p owe r 
co mpa n ies? h e wa s asked. 
"It mak e s clear FERC i s go i n g t o b e  loo ki ng for the wal let  u n d er the l am p 
post wit h the li gh t s shi ning  ) andnowhere e ls e ," rep lied  Ma ssey. 
Me anw hi l e, Mass ey  a n d histwofe llow c ommiss i oner s ,  also disagreedsharp l y  on w het her t he  energy agen cy shouldimpose temp orarypric e con trols o nthe 
w hol es ale powerm arket inthe W est toda mpen 
 were_asked why_they limited their refund_demands to_
only_power sales_that_occurred during so-called_Stage 3 alerts_of acute power 
shortages_in California. 
"It_appears_to me a price is unreasonable when it is unreasonable," and not 
just during_a_power alert,_said_Rep._Rick Boucher of Virginia, the_panels' 
ranking Democrat. 
The commission_last week_ordered six power generators to justify some 1,000_
transactions_during February in_the California market whenever the price was 
above $430_per megawatt hour and occurred during_a Stage 3_emergency_alert._
But the lawmakers were_told Tuesday that 56 percent of_another 14,168 
transactions, occurring outside a_Stage 3 emergency, also exceeded the $430_
trigger, but are not being questioned._
"The line was drawn to_limit the_scope of the refund," said_agency 
commissioner William_Massey, a_Democrat, who strongly_opposed the refund 
actions because he_said they were_too limited. 
Chairman Curtis Hebert, a_Republican,_defended the way_the_commission_decide 
on_what transactions to_challenge_saying that_it_sought to replicate market 
conditions as_they_existed at the time of the sales._
"We deserve a better_explanation,"_retorted Boucher. 
Massey said_that agency's investigation of overcharges_for January also 
failed to consider_thousands of_transactions that_exceeded the refund trigger 
because they did not occur during Stage_3 supply emergencies. 
Managers of California's_electricity grid, state regulators_and utilities_
have_accused the agency_of_refusing to_aggressively investigate price gouging 
by wholesalers who_have charged_from $150 to $565 per megawatt_hour, as much 
as_20_times what prices were in 1999._
While Hebert and commissioner Linda Breathitt_defended the commissioners 
attempt to_investigate_whole_electricity prices, Massey has been_highly 
critical. 
What message does the_agency's scrutiny of_prices send to the power 
companies? he_was_asked. 
"It makes clear FERC is_going_to be looking for the wallet_under_the_lamp 
post with the lights_shining ) and nowhere else," replied_Massey. 
Meanwhile, Massey and his two fellow commissioners, also_disagreed sharply on_
whether the energy agency should_impose_temporary_price controls on the 
wholesale power market in the West_to dampen