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...
Hold the Champagne?
There is much to celebrate in the Energy Policy Act of 2005, but what will federal regulators do?
permitted consolidation with other competitive industries? Utilities now-through mergers-can enhance their expertise in areas such as technology and finance, while a retail expert like Wal-Mart can try its hand at selling power. Commercial banks can supply power along with their new checking accounts, and oil majors can create an upstream-to-downstream scenario where LNG overseas is delivered via pipeline to power plants in the United States.
The repeal of the Glass-Steagall Act of 1933 created what we know today as the modern banking industry, with its various commercial, financial, and brokerage services. Many believe it is the repeal of PUHCA that will one day lead to a more modern utility industry, still to be seen, and unrecognizable from today.