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Pastimes : The California Energy Crisis - Information & Forum

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To: Raymond Duray who wrote (1438)	9/24/2002 3:52:01 PM
From: Sam	Read Replies (3) of 1715

<<Mr. Howald, who was one of the first analysts to raise concerns about the FERC case, said El Paso would be able to rely on "the best balance sheet" in its sector. But he said that if the company did eventually face billions of dollars in penalties, either at FERC or from lawsuits, then "it's throw everything out the window.">> And CA used to have the best balance sheet among states. <<"Given the critical safety and deliverability concerns associated with operating a natural gas pipeline," Mr. Wise said, "it is inappropriate and without precedent to second-guess a pipeline's day-to-day operations.">> Hilarious. Repulsive. Black humor at its finest. <<El Paso has dismissed claims of manipulation, saying that California officials, who deregulated the state's power markets four years ago, created a flawed market that was easily susceptible to price spikes. The state now faces a $24 billion budget deficit, part of it because of the costs of buying high-priced wholesale power during the energy crisis.>> "Flawed" and "easily susceptible to price spikes"--I see, so now he tells us. What a guy. Let the "free" market work. Where's Bearcat Bob now?

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