Possible signs of market manipulation prompt group for energy market transparency

WASHINGTON, D.C., April 22, 2002 — A broad-based coalition of natural gas producers, service companies, consumer groups and utilities will call on Congress and federal regulatory agencies to restore fairness, integrity and transparency to the nation’s gas and electricity markets in the wake of the Enron scandal in a Washington briefing Wednesday, April 24, 2002.

Armed with possible new evidence of apparent market manipulation in California, the Coalition for Energy Market Integrity and Transparency said federal oversight of energy marketers and over-the-counter energy derivatives traders is urgently needed.

“Enron may be gone, but its clones continue to amass market power that enables them to set the price of natural gas and electricity without any checks and balances whatsoever,” said a coalition spokesperson.

More details of the coalition’s recommendations and the new California market manipulation revelations will be provided following a press conference Wednesday.

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