Watching Government - Improving indices

The regulatory hangover from the Enron Corp. debacle and the California power crisis continues (see Editorial, p. 19). Last month the Federal Energy Regulatory Commission took steps to adjust how much money power marketers and generators owe California consumers because of natural gas index price manipulation. Last year an administrative law judge made a preliminary calculation that California was due $1.8 billion from power sellers, based on natural gas indices published by trade publications.More refundsBut ratepayers now may be owed more than originally thought because some energy marketers gave index compilers false trading data.At a Mar. 26 meeting the agency said it will create its ...

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