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Gold/Mining/Energy : Mirant Corporation (MIR)
MIR 23.59+0.7%2:57 PM EST
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To: Softechie who wrote (271)2/25/2002 8:47:49 AM
From: Oeconomicus  Read Replies (1) of 903
 
I liked this part:

At the time the contracts were signed, critics said the state was signing too many and for time periods that were too long. In effect, they said it was creating a long-term fix for the short term problem of skyrocketing energy prices brought on by inadequate supply coupled with surging demand in the then-vibrant economy. Brushing aside such criticism, the governor's office said the prices were reasonable and he praised sellers like Calpine for coming to the table.

In its filing this week, the state walks a rocky path. It is arguing at FERC that the contracts are neither "just" nor "reasonable" as required by the Federal Power Act. Yet within the state, it is arguing for rate-making purposes that the costs of those contracts are in fact "just and reasonable" and that retail consumers must pay to uphold them.
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