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Offshore Wind Projects Receive Boost from Massachusetts and Biden Administration

LCG, March 31, 2021--The Governor of Massachusetts signed legislation last Friday that authorizes the state to direct utilities to purchase an additional 2,400 MW of offshore wind energy by 2027.

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NV Energy's Greenlink Nevada Transmission Project Approved by PUCN

LCG, March 25, 2021--The Public Utilities Commission of Nevada (PUCN) on Monday approved proceeding with NV Energy's Greenlink Nevada transmission and renewable energy initiative. NV Energy's planned investment in Greenlink is over $2.5 billion.

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Industry News

Regulators and CA Attorney General Escalate Trade Inquiry

LCG, May 21, 2002-The Federal Energy Regulatory Commission (FERC) has widened its investigation of energy traders, and the CA Attorney General has requested a court order on Reliant Resources Inc. documents.

Warning that trading privileges may be suspended if companies do not comply, FERC ordered 150 energy traders today to assert whether they participated in "round-trip" trading and gave all Western market players until May 31 to issue statements. The order includes all sellers participating in the Western electricity market during 2000 and 2001.
Also, on Monday California Attorney General Bill Lockyer requested a court order for the release of documents regarding energy company Reliant Resources.

Lockyer wants Reliant to turn over materials, including electronic files and trade secret documents, of which, he says, the company has refused to let go in the face of the four subpoenas issued since February of last year.

Earlier this year the Attorney General accused Reliant of charging unfair rates and selling reserve energy on the spot market. Lockyer filed an antitrust lawsuit against Reliant, with the intent of splitting up the company to ensure competition in the Southern California market. Some Lockyer critics assert that his aggressive actions are being taken in light of coming elections and should not be considered very seriously.

Last week Reliant admitted that it participated in one of the market trading strategies referred to in the Enron memos released recently. While the practice is not illegal, Reliant reportedly boosted its revenues falsely by some 10 percent due to "round-trip" trading, where energy is sold and bought back at the same price in order to artificially inflate trading volumes.

The company has not commented yet on the recent court order request and had cited pending litigation as a reason not to submit materials in prior months.

The Securities and Exchange Commission is also involved in investigating possible energy company misconduct, although some of the strategies are not necessarily illegal by themselves. Currently the SEC is conducting a formal investigation of energy company Dynegy.

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