S. 681Senate108th Congress (2003-2005)In Committee

Electricity Market Manipulation Prevention Act

Introduced March 21, 2003

Legislative Activity

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2 earlier actions
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Energy and Natural Resources.

March 21, 2003

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SenateIntro Referral

Introduced in Senate

March 21, 2003

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S4277-4278)

March 21, 2003

SenateIntro Referral

Read twice and referred to the Committee on Energy and Natural Resources.

March 21, 2003

Floor Debate

11 members

What members said about S. 681 on the floor

6 Republicans5 Democrats
Maria Cantwell
Sen. Maria CantwellD-WA · Mar 21, 2003

Mr. President, I rise today to introduce the Electricity Market Manipulation Prevention Act--legislation I believe is critical in ensuring our Nation's consumers will never again have to suffer from…

Maria Cantwell
Sen. Maria CantwellD-WA · Mar 21, 2003

Mr. President, I rise today to introduce the Electricity Market Manipulation Prevention Act--legislation I believe is critical in ensuring our Nation's consumers will never again have to suffer from…

Daniel K. Akaka
Sen. Daniel K. AkakaD-HI · Mar 21, 2003

Thank you, Mr. President. I rise today to speak on the Low Income Taxpayer Protection Act of 2003, which Senator Bingaman and I are introducing today. I thank Senator Bingaman for his leadership on…

Gordon H. Smith
Sen. Gordon H. SmithR-OR · Mar 21, 2003

Mr. President, I rise today to right a wrong. I am doing so on behalf of myself and Mr. Wyden, Mr. Allard, Mr. Bayh, Mr. Bond, Mr. Brownback, Mr. Miller, Mr. Nickles, Mr. Santorum, and Mr. Specter.…

Mike DeWine
Sen. Mike DeWineR-OH · Mar 21, 2003

Mr. President, I am pleased to join with my colleagues-- Senators Murray, Landrieu, Breaux, Bingaman, and Inouye--to introduce the Poison Control Center Awareness and Enhancement Act of 2003. Our…

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Russell D. Feingold
Sen. Russell D. FeingoldD-WI · Mar 21, 2003

Mr. President, today I am introducing legislation to bring a small measure of relief to the families of our brave military personnel who are being deployed for the ongoing fight against terrorism,…

Pete V. Domenici
Sen. Pete V. DomeniciR-NM · Mar 21, 2003

Mr. President, I rise to introduce the Genomes to Life Research and Development Act. I appreciate the bipartisan sponsors, Senator Cantwell, Senator Murray and Senator Bingaman who join me in its…

Jeff Bingaman
Sen. Jeff BingamanD-NM · Mar 21, 2003

Mr. President, I rise today with my colleague from Hawaii, Senator Akaka, to re-introduce the Low Income Taxpayer Protection Act of 2003. This legislation, if enacted, will give taxpayers much needed…

Lindsey Graham
Sen. Lindsey GrahamR-SC · Mar 21, 2003

Mr. President, I rise today to introduce this bill that will end the practice of forcing electric utilities to purchase unneeded electricity at above market rates--a practice that ultimately costs…

Barbara Boxer
Sen. Barbara BoxerD-CA · Mar 21, 2003

Mr. President, today I am introducing legislation to require that the Secretary of Defense issue regulations that would prevent a mother and father of minor children from being deployed to a combat…

George V. Voinovich
Sen. George V. VoinovichR-OH · Mar 21, 2003

Mr. President, I ask unanimous consent that the text of this bill be printed in the Record.

Chuck Hagel
Sen. Chuck HagelR-NE · Mar 21, 2003

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Bill Text

Latest available legislative text

Reading Mode
Latest
Introduced in SenateIssued March 21, 2003
        [Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 681 Introduced in Senate (IS)]

108th CONGRESS
1st Session
S. 681

To provide for the enhanced protection of electricity consumers under
the Federal Power Act.

_______________________________________________________________________

IN THE SENATE OF THE UNITED STATES

March 21, 2003

Ms. Cantwell (for herself and Mrs. Murray) introduced the following
bill; which was read twice and referred to the Committee on Energy and
Natural Resources

_______________________________________________________________________

A BILL

To provide for the enhanced protection of electricity consumers under
the Federal Power Act.

Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as ``The Electricity Market Manipulation
Prevention Act''.

SEC. 2. MARKET-BASED RATES.

Section 205 of the Federal Power Act (16 U.S.C. 824d) is amended by
adding at the end the following:
``(g) Market-Based Rates.--
``(1) In general.--For each public utility granted the
authority by the Commission to sell wholesale electric energy
at market-based rates, the Commission shall review, at least
annually, the characteristics of each market in which the
public utility is authorized to sell wholesale electric energy
at market-based rates to determine whether sales by the public
utility in that market are subject to effective competition.
``(2) No effective competition.--On determining that sales
in a market by a public utility are not subject to effective
competition, the Commission shall issue an order immediately
revoking the authority of the public utility to sell wholesale
electric energy at market-based rates in that market.
``(3) Condition.--In each authorization to a public utility
to sell wholesale electric energy at market-based rates, the
Commission shall include a condition requiring the public
utility to notify the Commission promptly of any change in any
characteristic of the market that the Commission relied on in
granting the authority.''.

SEC. 3. REMEDIES.

Section 206 of the Federal Power Act (16 U.S.C. 824e) is amended by
adding at the end the following:
``(d) Market-Based Rates.--The Commission shall issue an order
immediately revoking or modifying the authority of a public utility to
sell electric energy at market-based rates if, after a hearing had upon
its own motion or upon complaint, the Commission finds that--
``(1) a rate charged by the public utility authorized to
sell electric energy at market-based rates in a wholesale
electric energy market is unjust, unreasonable, unduly
discriminatory or preferential;
``(2) the public utility has intentionally engaged in an
activity in a wholesale electric energy market that violates
any rule, tariff, or order of the Commission; or
``(3) the public utility has engaged in or attempted to
engage in fraudulent, manipulative, or deceptive activity in a
wholesale electric energy market.
``(e) Fraudulent, Manipulative, or Deceptive Activities.--
Notwithstanding subsection (a), if the Commission finds that a public
utility has engaged in or attempted to engage in a fraudulent,
manipulative, or deceptive activity in a wholesale electric energy
market, the Commission shall--
``(1) establish the just and reasonable rate for all
prospective sales subject to the jurisdiction of the Commission
made by the public utility; and
``(2) require the public utility to refund any revenues
collected in excess of the average wholesale power cost of
service within the regional power market for the period in
which the public utility engaged in the activity.
``(f) Public Interest Standard.--
``(1) In general.--Except as provided in paragraph (2), the
Commission shall not apply the public interest standard in a
proceeding under this section for review of a transaction
executed at market-based rates.
``(2) No effective competition.--If the public interest
standard is explicitly contained in the contract at issue in a
proceeding described in paragraph (1), the Commission shall
apply the public interest standard in the proceeding unless the
Commission finds that the contract was not subject to effective
competition.''.
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