From The Sacramento Bee:
“It was called ‘megawatt laundering,’ a scheme invented by Enron to maximize profits during the California energy crisis. On Friday, one of its most aggressive practitioners agreed to give the state a $750 million refund.
“Powerex, a government-owned hydroelectricity supplier from British Columbia, cut a deal with California officials to settle years of litigation over alleged market manipulation. Out of all the price-gouging claims to emerge from the energy crisis of 2000-01, this is the single biggest refund.”