Company says it was protecting shareholders from deregulation risks.
This is more than a crime of robbery or theft. Monthly bills doubled and in some cases tripled. Small energy producers criticized Tuesday's PUC ruling that ordered utilities to pay them at a reduced rate. The Renewable Energy Creditors Committee said the new formula is prone to price swings. State grid operators declared a Stage 2 power emergency after two large electricity units failed Tuesday, removing nearly 1,000 megawatts of supply on top of the 10,820 megawatts already missing from the grid because of power plant maintenance or equipment problems.