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Fortnightly Magazine - August 1997

"We imagine that these issues will become part and parcel of many other pool filings."

Trader or Traitor?

I asked Spencer why PECO, of all the eight traditional utility members of PJM, had decided to buck to tide. He stressed that PECO's experience in wholesale power trades helped convince the company to break from the other members and go it alone.

"We were forced by necessity to get into the wholesale power marketing, business several years ago because we had generation not in rate base. As a result, we became very active in power marketing--both locally and in other parts of the country. We've learned a lot about how competitive wholesale markets work. We have felt that we can bring a trader's perspective to the debate."

Richard Tabors concurs: "If you're a trader--and that's with a 'd'--then your transaction has no value until the end point is known."



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