Friday, December 17, 2004

Sempra cleared of price rigging

This should come as a relief to executives at San Diego based utility Sempra:

...the California Public Utilities Commission rejected a finding that one of the company's utilities had rigged natural gas prices during the state's power crisis.

In a 3-2 vote, the California Public Utilities Commission rejected an administrative law judge's decision that Sempra's Southern California Gas Co. be fined about $29 million and that evidence gathered in a two-year probe be forwarded to law enforcement authorities.

Voting with the majority, Commissioner Geoffrey Brown said the evidence did not support the judge's decision.

"I cannot conclude that SoCal Gas intentionally created gas spikes," Brown said.

Although you have to wonder how such a deicion would hold up in like, and actual court.