Gray Davis-- Governor Moonbeam the Second Message Board

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Politics : Gray Davis-- Governor Moonbeam the Second

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To: Bernard Levy who wrote (8)	4/26/2001 12:07:20 AM
From: Don Knowlton	of 9

Bernard, We should probably go back to the California energy thread for some of this. The latest is that FERC is putting a plan together for price caps during the "stages" declared by the Calif. ISO. To me it seems obvious that the ISO has only been buying barely enough power to get by each day based on forecast. If not, we would not have seen the recent alerts on weekends when demand is much lower than on Friday. Do you want to bet that the gaming of the market will shift from the generators to the state? All the state has to do is buy a little less energy in advance - voila! Stage three alert and price cap kicks in. In the meantime nobody needs to conserve because market price does not reflect true cost of electricity. The only hope is BK judges and Wall Street. Legislative politicians don't have the backbone to stop Davis. S&P just fired the warning shot over the bow. Credit rating downgraded two notches. This all stops when Gray has emptied the deep pockets of the state treasury, and Wall Street turns off the tap. I just hope the voters treat him like Jimmy Carter was treated when he tried a similar price control strategy. Don

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