Ferc

In these petitions for review, we consider whether the Federal Energy Regulatory Commission (“FERC” or “Commission”) arbitrarily and capriciously determined that various energy companies committed tariff violations in Cali-fornia during the summer of '2000. We conclude that it did not, and we deny the petitions for review.

I

This case is part of a long-standing series of decisions arising out of California’s energy crisis in 2000 and 2001. The relevant factual background was described in our prior opinions, so we need not describe it in detail here. In brief, FERC in the 1990s commenced a program of deregulating and “unbundling” the wholesale electric power industry by restructuring and separating electrical generation, transmission, and distribution. As a result, Califor-nia deregulated its investor-owned, regulated, vertically integrated utility market.

As part of the deregulation, California created two nonprofit entities: the Califor-nia Power Exchange Corporation (“CalPX”) and the California Independent System Operator Corporation (“Cal-ISO”). CPUC, 462 F.3d at 1037-39. CalPX was a wholesale clearinghouse created primarily to operate two spot markets: (1) the…