Energy companies bilked California out of more than $1 billion? It’s what an administrative law judge at the Federal Energy Regulatory Commission bluntly says happened at the hands of Shell Energy North America and Iberdrola Renewable LLC.
Judge Steven Glazer said the two “conned” state officials during negotiations over long-term energy deals and the Shell deal represented “an excessive burden” on California ratepayers totaling $779 million. He said the Iberdrola contract was $371 million more than it should have been when the contracts were signed from 2001. His figures include interest.
The California Public Utilities Commission had been urging FERC for years to make energy companies issue refunds because of overcharges during the 2001 energy crisis. Several billion has been recovered from several energy companies.
