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Politics : PRESIDENT GEORGE W. BUSH
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To: CYBERKEN who wrote (142305)5/3/2001 9:28:10 PM
From: Thomas A Watson  Read Replies (1) of 769670
 
I get IBD and everyday on the outside back cover is the page. The articles there always reveal interesting facts and number. I like IBD as they have defined metrics for rating stocks and they good market stuff.

Now back to Issues and Insights .

In todays issue they have an article explaining some of the problems facing California and the utilities there. But the basic premise is that all of California's energy problems trace back to the little green men from the planet stupid.

Because of the strict environmental rules in CA, guess what. Not one new power plant built in the last 12 year.

Then we have the green creating stranded costs. PG&E built the Diablo Canyon nuclear plant for 6 billion over 17 years instead of the original cost of 600 million.

Now PG&E was not allowed to pass on the 4.5 billion. At the same time the greens started saying let have QF's Qualified Facilities that use some renewable but let's let them sign long term high price contracts as then folks will build QF's

Well that's what happened and not 30% of the electricity is from QF's but big guys had to buy expensive QF's power and not pass along the cost and could not because of rate freezes recover the stranded costs. This is somewhat over simplified but get accross the main points.

The article does a good job of explaining the incredible connections and interplay of years of stupid policies that lead to the current fiasco. TRUTH IS STRANGER THAN FICTION.

Oh the stupidity.

tom watson tosiwmee
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