DWP Didn’t Manipulate Its Prices, Audit Finds
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An independent audit of the Los Angeles Department of Water and Power found no evidence that the utility manipulated electricity prices during the state’s power crisis.
The DWP requested the audit in July, after state Senate investigators uncovered documents that allegedly implicated the utility in a scheme to sell power out of state so it could be imported back at a higher price.
The Washington, D.C., law firm of VanNess Feldman concluded that the DWP helped the state by providing power at crucial times during the crisis of 2000-01 and did not participate in “ricochet” trades to avoid California price caps.
The report suggests that the DWP, to avoid manipulation by private energy companies, establish clear pricing guidelines and scrutinize unusual power sales.
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