Printer friendly version

UC lawsuit alleges companies manipulated natural gas prices

A University of California lawsuit alleges that several energy companies and their subsidiaries manipulated natural gas prices during the state's energy crisis in 2000-2001.

The university claims that the energy companies - primarily producers, marketers, traders, transporters, distributors and sellers of retail natural gas - engaged in "unfair and deceptive conduct (that) caused California gas retail prices to escalate to about six times the national average."

The companies and their subsidiaries include among others Dynegy, Reliant Energy, CenterPoint Energy, Coral Energy, WD Energy, Encana Corp., Aquila Inc., CMS Energy, Cantera Gas Co., and Mary Kathleen Zanaboni, a Long Beach, Calif.-based trader for Reliant Resources.

"The university and other California consumers should not bear the costs of unlawful price gouging of these energy providers," said James E. Holst, UC's general counsel.

The 10-campus UC system maintains approximately 2,500 buildings across the state.

The University of California operates the Laboratory for the Department of Energy.

To read a UC news release, click here.

Other Headlines