Widespread energy price manipulation confirmed

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Wednesday, March 26, 2003 | 9:43 a.m.

WASHINGTON -- Federal energy regulators said today that their investigation found widespread manipulation of natural gas and electricity prices and supplies in California.

Pat Wood, chairman of the Federal Energy Regulatory Commission, said that as a result of the manipulation California would receive more than the $1.8 billion in refunds recommended by a FERC judge in December. The exact amount is to be determined in the coming months.

It wasn't immediately clear how Nevada may be affected by the ruling. Much of the California and Nevada power grids are linked.