Wednesday, March 28, 2007

TXU found guilty of manipulating electricity prices

If you wondered why your electricity bills were so high in the summer of '05, here you go:

The alleged market abuse was observed between June and September of 2005, according to the Public Utility Commission. It wound up costing consumers $70 million and earned the utility $20 million in extra profits, according to an outside expert whose report was released by state regulators two weeks ago.

TXU, the largest power generator in Texas, sold power to the market at inflated prices and caused electricity prices to rise 15.5 percent during the summer stretch, the PUC said.

It doesn't really surprise me.

1 comment:

Xanthippas said...

Still waiting for those lower prices promised by de-regulation. Odd that the exact opposite should happen.