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To: long-gone who wrote (66729)	3/29/2001 9:51:45 PM
From: goldsheet	Respond to of 116791

Successful Deregulation dismal.com "The regulatory framework in Pennsylvania and New Jersey does not require investor-owned utilities (IOUs) to divest all of their fossil fuel based generating assets. Thus, they can dedicate these assets to meet customer demand. IOUs are also allowed to enter into long-term contracts, thus hedging the risks associated with very volatile electricity prices. There is also no requirement to buy and sell all electricity through a centralized power exchange. Indeed, there is a voluntary wholesale market provided by the PJM Interconnection, but generators and utilities can buy and sell how they see fit. The result is increased competition in the wholesale market, while the availability of long-term contracts and financial instruments reduces exposure to short-term price volatility." See, there is such a thing as good hedging <g> P.S. Dismal Scientist is one of my favorite economic sites !