July 13, 2004

Enron -- brought to you by leftist government. "California's restructured electricity market was, in fact, the furthest thing from a capitalist jungle imaginable. The government forced electric utilities to sell off their power plants and discouraged them from buying electricity outside of a complicated state-managed spot market. Furthermore, the electric utilities were forced to open their power lines to anyone who wanted to use them -- like Enron -- under tightly regulated terms and conditions. The day-to-day management of the grid was likewise taken from the utilities and given to state regulators. While wholesale electricity prices were deregulated, retail prices remained tightly controlled ... It shouldn't come as a surprise to learn that companies like Enron figured out how to game the system... ".

Jerry Taylor quoted by Peter Gordon "Games To Be Gamed". Posted by Greg Ransom | TrackBack