2000-2002
Summer 2000
- Sharp rise in Western energy prices, frequent system emergencies, severe financial distress to California utilities and customers.
July 26, 2000
- Commission directs staff to undertake a fact-finding investigation of the conditions in electric bulk power markets (including volatile price fluctuations) in various regions of the country and report its findings to the Commission by November 1, 2000. News Release
August 2, 2000
- San Diego Gas & Electric files a complaint seeking price controls Complaint Filing.
August 23, 2000
- Commission initiates a formal investigation of the electric rates and structure of the CAISO, PX and market-based sellers in the California wholesale market, in coordination with a nationwide fact-finding probe of electric wholesale markets, and a refund date is set. This ‘converts’ the earlier staff investigation into a public proceeding with opportunity for comment and refund protection. Order
November 1, 2000
- A Staff Report on Western Markets issues and the Commission orders that bids above $150 cannot set the market-clearing price in California. The period for which refunds can be made is broadened.
- Order
- Part I of the Staff Report to the Federal Energy Regulatory Commission on Western Markets and the Causes of the Summer 2000 Price.
- Part II of the Staff Report to the Federal Energy Regulatory Commission on the Bulk Power Markets In the United States.
November 9, 2000
- Commission holds a technical conference with all California and Western Parties, including the California PUC as well as then Governor Gray Davis. Transcript [eLibrary]
December 8, 2000
- Commission temporarily waives its rules regarding the operating and efficiency standards for jurisdictional (QF) generators to increase power supply in California. Order
December 15, 2000
- Commission eliminates the mandatory PX buy-sell requirement, sets a benchmark price for wholesale bilateral contracts, orders market monitoring, adds a penalty charge for underscheduling of power, orders the establishment of independent, non-stakeholder Governing Boards for the PX and the ISO, and orders generation interconnection procedures. Order
February 14, 2001
- Commission addresses CAISO’s creditworthiness tariff revisions. Order
March 9, 2001
- Commission staff issues a proposal for monitoring and mitigating prices prospectively in California’s wholesale sport power markets. Staff Proposal
- The Commission also issues the first refund order directing sellers to provide refunds of excess amounts charged for certain electric energy sales during the month of January 2001. Order
March 14, 2001
- Commission issues an order seeking to increase energy supplies and reduce energy demand in California and the West. Order
March 28, 2001
- Commission orders hearing on anti-competitive issues relating to El Paso Natural Gas. Order
April 6, 2001
- Pacific Gas & Electric Co. files for bankruptcy.
April 26, 2001
- Commission orders prospective mitigation and monitoring plan for California wholesale electric markets and establishes investigation into wholesale western energy markets. Order
April 30, 2001
- Commission approves $8 million settlement with AES Southland and Williams Energy Marketing & Trading Company.
June 19, 2001
- Commission issues orders calming market volatility by requiring generators to run and capping prices. Order’s price-control limits on wholesale electricity prices in California ISO and PX markets are never triggered. Order
July 25, 2001
- Commission orders separate hearing on energy prices in California and the Pacific Northwest. News Release
December 2001
- Enron files for bankruptcy.
February 13, 2002
- Commission institutes a staff-level investigation into Enron and the Western Energy Crisis in Docket No. PA02-2-000. Order
August 13, 2002
- Commission issues Initial Report on Investigation of Potential Manipulation of Electric and Natural Gas Prices in Western Markets, PA02-2.
At the same time, Commission issues three Enron-related Enforcement orders, involving Enron’s activities with:
December 13, 2002
- California with the assistance of FERC ALJ reaches settlement with Williams to restructure energy contracts (estimated $1.4 billion savings).
2005-2003
January 31, 2003
- Commission approves $13.8 million settlement with Reliant for 2 days of physical withholding.
March 26, 2003
- Commission issues Show Cause Orders that Address Manipulation
- Commission Expects Jump In California Energy Refunds
- Commission issues Final Report on Price Manipulation in Western Markets, moves to strip Enron of its market-based rate authority and alters natural gas pricing methodology for calculating refunds in a move expected to increase anticipated final refund amount.
- Summary of Findings
- Part 1
- Part 2
- Part 3
- CALISO Report on Trading and Scheduling Practices by Enron (revised October 4, 2002)
- Presentation on Report
- Commission releases public information collected in its investigation into manipulation of energy prices in the West.
June 25, 2003
- Commission issues Show Cause Orders on Gaming and Partnerships, against 67 entities, and orders OMOI to conduct anomalous bidding investigation of all market participants, including Enron, that had bid into the California electricity market at prices above $250.
- Commission revokes Enron’s market-based rate authority
June 25–26, 2003
- Commission Upholds Western Power Contracts, Connecticut Contract.
June 26, 2003
- In order to prevent market abuse and provide clear "rules of the road" for all market participants, the Commission proposed rules to curb improper market manipulation while tightening communication and reporting requirements for electric power and natural gas markets.
July 15, 2003
- A FERC Administrative Law Judge issues an Initial Decision finding that Enron must disgorge $32.5 million in profits earned in violation of its market-based rate authority. Initial Decision
July 18, 2003
- Commission approves a $3 million settlement with BP Energy.
July 23, 2003
- Commission approves a $15.5 million settlement with El Paso Electric Company.
October 2, 2003
- Commission approves settlement with Reliant for up to $50 million in disgorgement of profits in the anomalous bidding investigation.
November 14, 2003
- Commission approves $1.7 billion settlement between California and El Paso Corp.
November 17, 2003
- Commission finalizes anti-manipulation rules. Order
December 18, 2003
- Commission approves $8.5 million settlement with Portland General Electric Company.
December 19, 2003
- Commission approves $2.5 million settlement with Duke Energy in the anomalous bidding investigation.
January 22, 2004
- Commission approves gaming and partnership settlements with:
- American Electric Service Corp. ($45,240 - congestion)
- City of Redding ($6,300 - congestion)
- Puget Sound ($17,092 - congestion)
- San Diego Gas & Electric Co. ($27,972 - congestion)
- Williams ($45,230 – congestion and paper trading)
January 26, 2004
- The FERC Chief Administrative Law Judge consolidates for hearing the remaining Gaming and Partnership cases with outstanding Enron issues (EL03-180). Order
February 2004
- Snohomish obtains recordings of Enron trader conversations with the help of Commission trial staff.
March 4, 2004
- Commission approves gaming and partnership settlements with:
- Idaho Power Company ($83,373 - congestion)
- Reliant Resources ($836,000 – paper trading)
March 8, 2004
- Commission approves gaming and partnership settlements with:
- Aquila ($75,975 - congestion)
- Morgan Stanley ($857,089 - congestion)
- PacifiCorp ($67,745 - congestion)
- Portland General (congestion - $12,730)
March 26, 2004
- Commission approves $1.3 million gaming and partnership settlements with Powerex (congestion).
April 19, 2004
- Commission approves a $75,000 settlement with Avista Utilities.
May 6, 2004
- Commission approves $60,000 partnership settlement with Modesto Irrigation District.
July 2, 2004
- Commission approves a $140 million settlement with Williams Energy Companies in the refund proceedings.
July 22, 2004
- Commission orders Enron to forfeit at least $32.5 million in unjust profits because it violated its market-based rate authority.
- Commission set for expedited hearing a complaint by Nevada Power Company and Sierra Pacific Company against Enron Power Marketing, Inc relating to a contract termination payment of $300 million.
- Commission directed the ALJ to determine how much more of Enron’s profits earned between January 1997 and June 2003 Enron should be required to forfeit since it was not in compliance with its market-based rate authority Commission Order
August 2, 2004
- Commission approves gaming and partnership settlements with:
- Coral Power ($7.8 million – congestion and paper trading) ;
- Glendale ($25,000 - congestion);
- Northern California Power Agency ($22,448 - congestion); and
- Sempra Energy ($7.2 million – congestion and paper trading)
August 5, 2004
- Commission approves $3 million Gaming and Partnership settlement with Dynegy (congestion and double selling).
September 21, 2004
- Commission approves $14,304 gaming and partnership settlement with Modesto Irrigation District.
September 22, 2004
- Commission approves a settlement of up to $30 million with Reliant in anomalous bidding investigation.
October 25, 2004
- Commission approves a $281 million settlement between Dynegy and California parties in the refund proceeding.
October 27, 2004
- Commission approves a $996,145 settlement with Colorado River Commission (partnership).
December 3, 2004
- The Chief Judge suspends the hearing in Docket No. EL04-1-000 at the request of Nevada Power Company and Sierra Pacific Power Company, after bankruptcy judge enjoins the Nevada utilities from participating in the Enron contract dispute proceeding. Order
December 7, 2004
- Commission approves a $207 million settlement with Duke Energy in the refund proceeding.
January 31, 2005
- FERC trial staff testifies in Enron Gaming case that Enron’s profits in Western states from 1997 through 2003 was more than $1.6 billion, and recommends that Enron be required to surrender the full amount.
March 11, 2005
- The Commission clarifies that the disputed terminated contracts between Enron and various utilities (executed during the period January 16, 1997 to June 25, 2003) are within the scope of this proceeding, and shall be addressed in the ongoing hearing in Docket No. EL03-180, et al., subject to any applicable bankruptcy restrictions. Order on Clarification
April 13, 2005
- The Commission approves $458 million settlement with Mirant.
2006
January 25, 2006
- Agreement accepted between Enron and Nevada companies settling matters stemming from Western Energy Crisis. Decision
May 23, 2006
June 28, 2006
- Three Enron settlements approved; exclusive jurisdiction under Section 1290 of EPAct exercised. EL03-180-020 | EL03-180-024 | EL05-139-000 | EL06-3-000
2007
March 1, 2007
- Commission approves multiparty APX settlement resolving matters related to western energy crisis. Decision
March 17, 2007
- FERC approves Settlement and Settlement and Release of Claims Agreement filed on March 12, 2007 by Portland General Electric Company (PGE) and the California Parties. The Settlement consists of a "Joint Explanatory Statement" and a "Settlement and Release of Claims Agreement. The Settlement resolves matters and claims in the Refund Proceedings related to PGE and arising from events and transactions in the Western Energy Markets during the period January 1, 2000 through June 20, 2001. Decision
June 21, 2007
- Commission approves two western power settlements totaling more than $84 million that stem from the Commission’s investigations into wholesale power markets during the Western energy crisis. E-13: PacifiCorp Decision | E-15: El Paso Decision
- ALJ Judge issues Initial Decision in gaming case.
July 6, 2007
- Commission Approves $18 Million California Settlement (EL00-95-000). Fact Sheet | Decision
October 18, 2007
- FERC vacates California refund orders relating to non-public entities (EL00-95-164). Fact Sheet | Decision
November 19, 2007
- FERC denies rehearing of framework for evidence in California refund methodology (EL00-95-136). Decision
2008
January 4, 2008
- FERC denies rehearing of the March 8, 2004 Agreement and Stipulation (Gaming Settlement) with PacifiCorp and the June 21, 2007 Joint Offer of Settlement and Settlement and Release of Claims Agreement (Global Settlement) with PacifiCorp and the California Parties. Decision
January 8, 2008
- FERC approves Enron-Snohomish settlement. Decision
March 20 , 2008
- FERC orders hearing to address Ninth Circuit Remand. Decision
April 2, 2008
- FERC approves $85.7 million Western energy settlement. Decision
May 23, 2008
- FERC approves $26.5 million California settlement. Decision
June 4, 2008
- FERC approves three California settlements. EL00-95-209 | EL00-95-210 | EL00-95-211
June 30, 2008
- FERC approves two California market settlements. EL00-95-212 | EL00-95-213
October 23, 2008
- FERC approves California settlement. Decision
December 18, 2008
- Item E-1: FERC orders paper hearings on Supreme Court remand of California contracts. Decision
2009
January 7, 2009
- FERC approves California market settlement. Decision
June 18, 2009
- FERC denies rehearing and establishes appropriate methodology for allocating approved cost offsets amounts for sellers into CAISO and the PX markets during the Refund Period. Decision
- FERC rejects a request for rehearing by Salt River Project Agricultural Improvement and Power District (Salt River) of the Order Denying Rehearing issued November 19, 2007. Decision
- FERC approves settlement between California Parties and the Los Angeles Department of Water and Power. Decision
- FERC addresses requests for rehearing and clarification of the cost filing orders addressing requests for cost offsets from refunds issued on January 26, 2006, March 27, 2006, and November 2, 2006. Decision
July 1, 2009
2010
March 18, 2010
- FERC denies Sacramento Municipal Utility District (SMUD) rehearing request of its December 17, 2009 settlement between CA Parties and Los Angeles Department of Water and Power. Decision
- FERC denies Sacramento Municipal Utility District (SMUD) rehearing request of its December 17, 2009 settlement between CA Parties and PECO/Exelon. Decision
- FERC denies Sacramento Municipal Utility District (SMUD) rehearing request of its December 17, 2009 settlement between CA Parties and Comision Federal de Electricidad. Decision
2011
April 21, 2011
- FERC approves an uncontested settlement filed on February 22, 2011 between Sacramento Municipal Utility District (SMUD) and the California Parties. The settlement resolves claims arising from events and transactions in the western energy markets during the period January 1, 2000 through June 20, 2001, as they relate to SMUD. The settlement consists of a “Joint Offer of Settlement and Motion for Shortened Comment Period, Expedited Disposition, and Other Procedural Relief” (Joint Offer of Settlement), a “Joint Explanatory Statement,” and a “Settlement and Release of Claims Agreement”. Decision
August 5, 2011
- On August 3, 2001 in EL01-10 Judge Cintron ordered that all parties file Transaction data in order to “establish the volume of transactions, the identification of net sellers and net buyers, the price and terms and conditions of the sales contracts, and the extent of potential refunds.” In FOIA11-25 this information was made public. eLibrary pre-defined search
2012
March 15, 2012
- FERC approves an uncontested settlement between the California Parties and Edison Mission Marketing & Trading, Inc., Edison Source Corporation, Citizens Power Sales, LLC, and Peabody Energy Corporation and Gold Fields Mining, LLC (EMMT/Citizens), which resolves claims between EMMT/Citizens and the California Parties for claims arising from events in the western energy markets during the period of January 1, 2000 through June 20, 2001. Decision
Quick Links
- Final Report on Price Manipulation In Western Markets (March 2003) - Summary of Findings
- Final Report on Price Manipulation In Western Markets (March 2003) - Part 1
- Final Report on Price Manipulation In Western Markets (March 2003) - Part 2
- Final Report on Price Manipulation In Western Markets (March 2003) - Part 3
- Information Released in Enron Investigation
- Data Sets Available on CDs
- Enron's Energy Trading Business Process and Databases
- Enron Trading Memos - December 6, 2000
- Enron Trading Memos - December 8, 2000
- Enron Trading Memos - Brobeck Memo
- Enforcement Hotline
- Reverse Chronology at a Glance
- Gaming Case (EL03-180)
- View Printable Version