Friday, August 06, 2004
Gov. Grey Davis Was Right
Remember when Gov. Davis was being savaged for the "ridiculous" assertion that California's high energy prices resulted from price manipulation by big energy companies?
"John Forney, 42, of Ohio, is the third Enron official to plead guilty to manipulating electricity prices from Enron's now-defunct trading office in Portland, Oregon. The crisis played a role in Pacific Gas & Electric Co.'s bankruptcy and will leave California consumers paying abnormally high electricity prices for years.
...
On the calls, other traders openly and gleefully discussed creating congestion on transmission lines, taking generating units off-line to pump up electricity prices and in general, manipulating the power market.
They also kidded about Enron's hefty political contributions -- particularly to President Bush's campaign -- and how that could translate into more opportunity for profit in California.
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"John Forney, 42, of Ohio, is the third Enron official to plead guilty to manipulating electricity prices from Enron's now-defunct trading office in Portland, Oregon. The crisis played a role in Pacific Gas & Electric Co.'s bankruptcy and will leave California consumers paying abnormally high electricity prices for years.
...
On the calls, other traders openly and gleefully discussed creating congestion on transmission lines, taking generating units off-line to pump up electricity prices and in general, manipulating the power market.
They also kidded about Enron's hefty political contributions -- particularly to President Bush's campaign -- and how that could translate into more opportunity for profit in California.
