FOR IMMEDIATE RELEASE
                                                       March 23, 2001

   SENATOR BOXER POINTS TO NEW EVIDENCE,
 RENEWS CALL FOR FEDERAL INVESTIGATION INTO
     POSSIBLE COLLUSION BY ELECTRICITY
                 GENERATORS

Washington, DC -- As part for her efforts to help bring an end to
California's electricity shortages, Senator Boxer (D-CA) today
called once again upon the Department of Justice to launch a
federal investigation into the possibility of collusion by electricity
generators. In a letter to Attorney General John Ashcroft, Senator
Boxer highlighted the need for federal action by pointing to new
evidence of price gouging.

     According to a California Independent System Operator
report released this week,  wholesale electricity suppliers
overcharged California by $6.27 billion beginning last May.  These
strategies caused the price of wholesale electricity to increase.

     At the same time, the generators' net income increased
substantially from 2000 compared to 1999.  For example, Dynegy's
net income rose 229 percent, AES Corporation 76 percent, and
Calpine 240 percent.

     In a letter to Attorney General Ashcroft, Senator Boxer
wrote, "This market manipulation has led to a series of events
that have resulted in blackouts across the state and economic
losses for California businesses."

      Senator Boxer called upon the Bush Administration to
begin a prompt investigation of this matter stating, "I am
concerned that market power abuse by generators in the
electricity market will continue, so prices will be inflated and
consumers gouged...The Department of Justice must act to
ensure the public's confidence that collusion will not continue
to occur in the California electricity market."

     Senator Boxer, along with California Senator John Burton,
first called for a federal investigation into price gouging last
December in a joint letter to the Department of Justice.

                    ###

N.B.   Senator Boxer's letter to Attorney General John Ashcroft
follows this release.

March 23, 2001

The Honorable John Ashcroft
United States Attorney General
U.S. Department of Justice
950 Pennsylvania Avenue, NW
Washington, D.C. 20530

Dear Attorney General Ashcroft:

      Last December, I sent a letter with California Senator John
Burton to the Department of Justice requesting an investigation
into potential collusion by generators in the electricity market.  I
am writing again to inform you of additional evidence and to again
urge the Department of Justice to conduct an investigation into
collusion by the generators.

     Earlier this week, the California Independent System
Operator (ISO) reported that the wholesale electricity suppliers
overcharged California by $6.27 billion beginning last May.  The
California ISO analyzed confidential bidding data of electricity
sales and concluded that the generators manipulated the market to
increase prices for California consumers.  They found that
generators bid twice their costs to produce power.

     According to the ISO report, the generators, "either
submitted bids at prices significantly above marginal cost of their
generation unit, or withheld part of the available capacity from
bidding or scheduling into the market."  Both of these strategies
caused the price of wholesale electricity to increase.

     At the same time, the generators net income increased
substantially in 2000 compared to 1999.  For example, Dynegy's
net income rose 229 percent, AES Corporation 76 percent, and
Calpine 240 percent.

     This market manipulation has led to a series of events that
have resulted in blackouts across the state and economic losses for
California businesses.  This week, Californians faced rolling
blackouts on both Monday and Tuesday.  Entire crops could be
ruined if a blackout interrupts refrigeration.  Manufacturing plants
sit idle waiting for the power to be turned back on.  Since
California's economy is 15 percent of the nation's, the impact of
the electricity crisis will hurt the entire country.

     I am concerned that market power abuse by generators in
the electricity market will continue so prices will be inflated and
consumers gouged.  Quite obviously, this will not help to solve
California's electricity crisis.

     I appreciate your prompt attention to this issue.  The
Department of Justice must act to ensure the public's confidence
that collusion will not continue to occur in the California electricity
market.





                   BB:sbd