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I have ideas on each, but thought it better to await feedback from the commercial folks before filling out our comments in each area. | dev33 |
I'm finishing up a bit more detailed proposal for how the Gov might use "energy gurus" to help on the portfolio/procurment issues, and am also offering additional detail on the need for a "rate summit." | dev33 |
Got messages in to Schroeder re: Nordpool--expect to hear back from him today at some point and I can drop that info into the document soon as I get it. | dev33 |
Will talk to EES at 10 AM CST to discuss their proposals. | dev33 |
If you'd like to join that call, let me know and I'll forward along the call-in number, which I think you may already have in your email. | dev33 |
Have received a few comments from ENA that I'll incorporate. | dev33 |
Best, Jeff | dev33 |
Yes, have talked to both Stoness and Sunde about it. | dev33 |
Thanks. | dev33 |
Another Utility Bailout Should Leave Us Cold George Miller Sunday, December 31, 2000 ,2001 San Francisco Chronicle URL: OUR CURRENT energy problems are urgent and serious. | dev33 |
But before the governor and the Public Utilities Commission cut yet another deal costing consumers billions of dollars, perhaps they should pause to ask the public what kind of system it wants and what it will end up with after investing billions more. | dev33 |
Failure of energy deregulation could speed real deregulation that might benefit consumers with real capacity and real competition. | dev33 |
But this will not happen if the focus is only on California utilities and their shareholders. | dev33 |
The original deregulation deal was designed, as I see it, to keep competition out of California -- and to maximize the rates consumers would pay for every bad past business decision by PG&E and other California utilities. | dev33 |
Similarly, current bailout discussions are about forcing California ratepayers to pay for the failed deregulation plan designed by the utilities themselves. | dev33 |
Once again, the companies seek to maximize profits and socialize the losses. | dev33 |
Following on the heels of California's deregulation, the state's utilities came to the congressional delegation and urged us to protect the plan from federal deregulation efforts. | dev33 |
They argued that the deal they cut was good for all parties. | dev33 |
Their executives repeated time and again that they might benefit from the plan's cap on consumer prices -- and that there was a risk to them if wholesale prices were to go up. | dev33 |
This, they told us, is the marketplace. | dev33 |
They were willing to absorb the risk. | dev33 |
This was the brave new world of free markets. | dev33 |
But markets are never free. | dev33 |
From the beginning, this deregulation plan was designed to buy the California utilities time and advantage. | dev33 |
Initially, consumers saw lower rates, but not as low as real competition might have provided when compared to the heavily sheltered market of the past five years. | dev33 |
Now, because this rigged marketplace has failed, the utilities want again to put their hands into the ratepayers' pockets. | dev33 |
At first, PG&E and Southern California Edison asked the Public Utilities Commission to have California consumers pay the entire cost of deregulation's risks. | dev33 |
Their idea did not pass the smell or the laugh test. | dev33 |
Now the utilities look for a way to repackage their old proposal, including a substantial rate increase. | dev33 |
The rationale is that the utilities may collapse financially. | dev33 |
This threat is supposed to inspire Gov. Gray Davis and the PUC to quickly put the ratepayer on the hook for the utilities' failures. | dev33 |
During the past year, dozens of utilities have merged all across America. | dev33 |
PG&E, for example, may not be worth much to its shareholders, but like AT&T, it may be worth something to its competitors. | dev33 |
This is the genius of the American marketplace. | dev33 |
PG&E shareholders bought the stock, assuming the risk. | dev33 |
Why should the ratepayers be asked to insulate them from that risk? | dev33 |
During this past year, tens of billions of dollars of market capitalization were lost by various Silicon Valley high-tech firms. | dev33 |
Their shareholders do not get the benefit of going to the PUC and getting a taxpayer bailout. | dev33 |
The ratepayer has already paid for this energy under a contract that utilities struck with the people of the state of California. | dev33 |
Any additional payment by the ratepayer is a financial bailout. | dev33 |
Any prudent investor would ask what the return will be before handing over billions of dollars. | dev33 |
The ratepayer deserves an answer, as well as some equity or other consideration. | dev33 |
George Miller is a Democratic congressman from Martinez. | dev33 |
Thanks. | dev33 |
I was literally just about to call the Portland desk. | dev33 |
You saved me the trouble. | dev33 |
Did they say whether they have any plans to cut PG&E off (from gas sales) in the near future? | dev33 |
Thanks. | dev33 |
Was aware of the power/gas split, but FYI, Chris Foster on the Portland desk is a great source of information--Midmarket electricity trader and a very straightforward guy. | dev33 |
It could certainly use some doctoring, but it's getting there. | dev33 |
I'm now shifting my focus to the "informal advisory group" on procurement. | dev33 |
In office all week. | dev33 |
Lamentably, I worked all week--no vacation time. | dev33 |
Thanks. | dev33 |
Thanks again for a truly fun New Year's. | dev33 |
I had a great time, and it was fun spending it with you two. | dev33 |
When I think of all that talent, together in one house---astounding! | dev33 |
Really fun. | dev33 |
Thanks. | dev33 |
you're a regular laugh riot | dev33 |
Greetings: Attached is the draft. | dev33 |
I've attempted to capture everyone's comments. | dev33 |
The only piece that is not likely to go this evening is the piece providing comments on the Governor's specific proposals. | dev33 |
That will likely go first thing tomorrow morning. | dev33 |
You'll note that only one of the Governor's proposals currently has any comments attached to it. | dev33 |
Comments on the Governor's proposals are appreciated. | dev33 |
The remainder of the materials will go to the Governor's staff later this evening; so any and all comments on those portions are welcomed and appreciated. | dev33 |
Thanks to all for the assistance, particularly in light of the holiday. | dev33 |
Best, Jeff | dev33 |
are you not getting the stuff. | dev33 |
is there another paul smith? | dev33 |
I haven't forgotten the QF issues. | dev33 |
Going to weave them into our comments on the Governor's proposals. | dev33 |
Thanks for the input. | dev33 |
Scott: Thanks very much for the comments. | dev33 |
On the demand buy-down, I should have mentioned that I got a late call from the Gov's office asking for more detail on that proposal, which we'll likely forward along tomorrow morning, with the comments on the Gov's proposals. | dev33 |
Will try to work the other comments in. Thanks again. | dev33 |
Best, Jeff | dev33 |
let me know if you get it this time. | dev33 |
Thanks. | dev33 |
I think it makes sense to take out the reference to 15%. | dev33 |
It think the rest of it passes the "front page of the New York Times test," as the PR folks say. | dev33 |
Thanks again for your help on this. | dev33 |
Best, Jeff | dev33 |
Greetings Kari: Attached is follow-up information from the meeting that the Governor and you had with Ken Lay and Steve Kean last Thursday. | dev33 |
Tomorrow morning I will email three additional pieces of information: Our specific comments on the proposals that the Governor raised at the meeting. | dev33 |
More details on the "demand buy-down" concept. | dev33 |
Information on Norway's version of the ISO, "Nord Pool." | dev33 |
If there's anything you need, don't hesitate to contact me at 415.782.7822. | dev33 |
Happy New Year. | dev33 |
Best, Jeff | dev33 |
At least there's some consistency in the world..... | dev33 |
how's the memo coming? | dev33 |
This is material that I received re: Nord Pool from Davies (one of Schroeder's guys). | dev33 |
If you want to take a wack at putting together a few bullets on what Nord Pool is, how it differs from Cal model and why it's preferable, that would help me immensely and free me up to focus on 1) comments to Gov's proposal and 2) more detail on demand buy-down. | dev33 |
That possible? | dev33 |
Let me know. | dev33 |
Greatly appreciated. | dev33 |
Best, Jeff | dev33 |
Joseph: please forward this to Scott Govenar and let him know that it's confidential and that some additional information will be going to the Govenor this morning, which I'll forward along when it's ready. | dev33 |
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