July 29, 2002 — The Federal Energy Regulatory Commission (FERC) has withdrawn its threats to revoke the trading licenses of El Paso Electric and Williams Cos.
The commission sent letters to the two major gas suppliers whose trading practices were being investigated for possible Western market manipulation, saying it had received the information it was asking for and would not censure the companies.
Last month, FERC said four electric power traders in the Western market had not provided enough information for its investigation, threatening to revoke the companies’ market-based rate authority. The four companies were among a larger group of 150 energy companies whose practices were being reviewed.
The other two power traders are Avista Corp. and the Portland General Electric Co. unit of bankrupt energy trader Enron Corp.