It was a "classic" publicity event-long on vision, but short on substance. There he was, the Secretary of the Department of Energy (DOE), Spencer Abraham, standing toe-to-toe with each of the...
Grading Pat Wood
Reviewing the FERC chairman's first year, and what he might do next.
standardizing generation interconnection, clarifying rate recovery policies for transmission line investments. And all of you are probably not interested in the things we're doing on the interagency issues, on hydroelectric licensing, [on] gas certificate processing, but those continue apace, as well.
"Our second challenge is to foster a nationwide, competitive energy market, as a substitute for traditional regulation. That builds on FERC's successful experience in the gas industry, doing just the same thing.
"And on electric, the two [prongs] that we're taking to foster the competitive electric industry, are the standardization of market rules and market design, which is something that has not happened yet."
Meanwhile, Wood admits that markets have yet to prove fully competitive. That's a powerful admission-one that continues to give encouragement to his opponents. Certainly, the future success or failure of competitive markets now rest on Wood's shoulders.