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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: Lucretius who started this subject	3/26/2001 10:12:31 AM
From: portage	Read Replies (1) of 436258

Kondratieff hits the mainstream and Enron games away. Kondratieff wave in the morning news: contracostatimes.com Enron hides its market tricks behind password protected online exchanges. California, Pacific NW, and Arizona first. Who's next ? : contracostatimes.com San Diego attorney Michael Aguirre believes the power companies are using the password-protected online exchanges to secretly share information and control the power supply to manipulate prices. Aguirre has spent the past six months scrutinizing the trading operations as he pursues a lawsuit alleging that the power generators broke antitrust laws. "The whole trading thing is just a front that lets them game the market," he said. "They can get away with it because no one (outside the industry) can figure out what they are doing." One of the biggest distinctions between the Texas energy traders and the Wall Street securities traders is how they are regulated. The Securities and Exchange Commission and the Commodities Future Trading Commission oversee the trading of most of the nation's key markets. But the power traders answer to the Federal Energy Regulatory Commission, an agency with little training in the sophisticated financial instruments deployed by these marketers. The power traders aren't holding just California over a barrel. Other states are paying even higher prices -- a factor that will likely further reduce supplies for California in the months ahead. In a series of recent deals disclosed to Associated Press by a major marketer, energy traders charged California $330 to $360 per megawatt hour for July electricity. They fetched $415 per megawatt hour in a key Pacific Northwest market and $495 per megawatt hour in a major Arizona market for contracts covering the same time.

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