ADVISORY/New Evidence of California Gas & Power Market Manipulation Prompts Call by Coalition for Energy Market Integrity and Transparency for Expanded Oversight, Regulatory Reform.Business/Energy Editors ADVISORY...for Wednesday (April 24) WASHINGTON--(BUSINESS WIRE)--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 regulatory agency Independent government commission charged by the legislature with setting and enforcing standards for specific industries in the private sector. The concept was invented by the U.S. to restore fairness, integrity and transparency to the nation's gas and electricity markets in the wake of the Enron scandal The Enron scandal was a financial scandal that was revealed in late 2001. After a series of revelations involving irregular accounting procedures bordering on fraud, perpetrated throughout the 1990s, involving Enron and its accounting firm Arthur Andersen, it stood at the verge of in a Washington briefing Wednesday, April 24, 2002. Armed with new evidence of apparent market manipulation Market manipulation describes a deliberate attempt to interfere with the free and fair operation of the market and create artificial, false or misleading appearances with respect to the price of, or market for, a stock. in California, the Coalition for Energy Market Integrity and Transparency said federal oversight of energy marketers and over-the-counter energy derivatives Also known as energy trade, oil trade, gas trade, power trade. Major players include: Mitsui & Co. Energy Risk Management, major trading houses, oil companies, utilities, financial institutions. 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. Details of the coalition's recommendations and the new California market manipulation revelations will be provided at Wednesday's press conference.
WHO: Coalition for Energy Market Integrity and Transparency
(membership list included)
SPEAKERS: U.S. Senator Dianne Feinstein (D, Calif.)(invited)
California State Senator Joseph L. Dunn;
Arthur Corbin, President and General Manager,
Municipal Gas Authority of Georgia, (on behalf of the
American Public Gas Association);
Raymond Plank, Chairman and CEO, Apache Corporation,
(representing natural gas producers)
WHAT: Briefing: Energy Market Manipulation & Reform
WHEN: Wednesday, April 24, 10:00 A.M.
WHERE: National Press Club - Zenger Room
529 14th St., N.W.
Washington, D.C.
The press conference is open to members of the news media only. Space is limited. Media may register to attend the briefing in person or by teleconference by contacting Stacie McLain at Sommers & Associates, 713/222-1600 or at smclain@sommersassoc.com. The briefing will be webcast live at www.fairenergymarkets.com. Coalition for Energy Market Integrity and Transparency Membership Organizations & Companies Committed: American Public Power Association (APPA) American Public Gas Association (APGA APGA American Public Gas Association APGA American Public Gardens Association (Wilmington, Delaware) APGA All Progressives Grand Alliance (Nigeria) APGA American Personnel and Guidance Association ) Apache Apache (əpăch`ē), Native North Americans of the Southwest composed of six culturally related groups. They speak a language that has various dialects and belongs to the Athabascan branch of the Nadene linguistic stock (see Native American Corporation Batesville (IN) Water and Gas Utility Cairo (IL) Public Utility Company Chambersburg (PA) Municipal Gas Department City of Loretto (TN) Florence Utilities Gloster (MS) Municipal Gas System Halliburton Harrisburg (AR) Water & Gas System Horton Highway Utility District of Rutherford, Williamson & Marshall Counties Marshall County is the name of twelve counties in the United States:
Huntingburg (IN) Gas Division Louisiana Independent Oil and Gas Association (LIOGA) Middleborough (MA) Gas and Electric Department Municipal Gas Authority of Georgia National Rural Electric Cooperative Association (NRECA NRECA National Rural Electric Cooperative Association ) Noble Drilling Norwich Department of Public Utilities Public Energy Authority of Kentucky Pulaski (TN) Natural Gas System Schlumberger Smyrna (TN) Natural Gas System Texas Independent Producers and Royalty Owners (TIPRO TIPRO Texas Independent Producers and Royalty Owners ) Town of Utica (MS) Individuals Committed: The Honorable Joseph L. Dunn, California State Senate The California State Senate is the upper house of the California State Legislature. There are 40 State Senators. The state legislature meets in the state capital, Sacramento. The Lieutenant Governor is the ex officio President of the Senate. |
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