CPN: Calpine Corporation Message Board

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Gold/Mining/Energy : CPN: Calpine Corporation

FRO 23.76

+0.1%

1:44 PM EST

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To: Perry Ganz who wrote (318)	2/19/2002 1:16:47 AM
From: Bob Rudd	Read Replies (1) of 555

My general impression of the Ca crisis was that it resulted from a combination of: Poorly implemented one-legged deregulation -the wholesale floated while the retail remained fixed, thus isolating consumers from market messages Unwillingness to overcome NIMBY issues for both generation and transmission Failure to build enough of either to keep up with population and technology demand • During the period from 1990 through 1999, overall demand increased by 11.3 percent. Electric generating capacity decreased by 1.7 percent during the same period. Unfortunate weather. Unfortunate gas costs [This latter may have been impacted by Enron] It's not as simple as average usage versus generating capacity...Since power really can't be stored peak usage, both in time and place require considerable overall excess capacity. All I read indicated that Ca lacked sufficient capacity to deliver what it needed when and where under extraordinary conditions [weather]. It wouldn't shock me if Enron did some things that exacerbated the crisis...but I doubt they manufactured it.

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