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Non-Tech : The Enron Scandal - Unmoderated
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To: TigerPaw who wrote (248)1/15/2002 11:17:02 PM
From: Jorj X Mckie  Read Replies (1) of 3602
 
I am against State run power too. I am all for de-regulation. The way that the "de-regulation" was set up in California was far from actual de-regulation. You can't de-regulate the wholesale market and regulate the retail market. It just doesn't work that way. The fools in the State gov't that set that up (with the help of the execs at PG&E and Edison) don't understand basic economic drivers. But Edison and PG&E wanted the regulated retail energy because they were certain that wholesale energy would remain cheap and that they would then have guaranteed profits. Davis was/is in their back pockets.

Further, the regulations also limited the power companies' ability to hedge fuel, which would have greatly mitigated the effects of the shortage.

Of course, the fact that Davis and the rest of those responsible for putting California in the energy shitcan, doesn't mean that Lay and his Enron buddies weren't also slime. Just that Lay isn't responsible for California's energy woes.
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