Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: elmatador who wrote (43257)	12/14/2003 7:36:59 AM
From: Raymond Duray	Read Replies (1) of 74559

"You see! When it was in the the hands of the PUC things where working fine!!" Well, they were. *** The only folk really pushing for deregulation in the U.S. were criminally-minded scoundrels like Ken Lay and Jeff Skilling from Enron who could see how to make a killing in deregulated, or hopefully unregulated, power markets. These guys operated on the basis of "if it ain't broke, break it, and collect a fortune on the panic pricing". There are documented cases of certain plant operators in California who threw away repair parts during the crisis, then ran generators that were designed to supply base load (i.e. designed for continuous operation) and used them for jacking peak supply up and down. The predictable result was broken generators, with the necessary repair parts already landfilled. And vast profits for the "operators" who came to the rescue in a crisis of their own making with extremely overpriced power.

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