|Hi def, |
Thanks for the link to the SacBee analysis. I thought I was jaded, but my chin still dropped when I read the end of the article about the fact that the Mwh bids were rigged to $5,000, $9,999 and $0.01 in 1998. It amazes me that this huge red flag didn't attract the interest of the C-PUC, FERC or anyone who could see the implications. Of course, the T.U.R.N. crowd and the other consumer advocate types made this clear way before the fact, I read about this potential in 1996 in the Bay Guardian newpaper. But, no one in power had the least bit of interest in listening. This appears to still be the case today.
I'm currently reading a small book titled "The Last Energy War", by Harvey Wasserman. It was written in 1999 and is prescient about the events of the past few months. Here's a quote concerning what de-regulation intended to do for the IOUs (investor owned utilities):
"Immensely complex in its detail, AB1890's [the electric power de-regulation bill] executive summary in essence reads like this:
* Unload on the public bad reactors and other failed investments, including obsolete fossil burners,
* Grab huge sums of cash,
* Co-opt and avoid green/consumer activism,
* Preempt big industrial co-generation,
* Cripple solar and efficiency,
Generally speaking, the IOUs have essentially accomplished all goals. Incidentally leaving the shells of their operating companies, slow-witted investors and the California energy market in a shambles. Job well done, boys.
Ray <no smile>