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1 Also cited as contributing factors are the lack of long-term contracting, operating problems in the ISO and power exchange (PX) markets, and suggestions that owners of generation took advantage of the supply shortage and the design of California's wholesale power markets to exercise market power to drive prices higher.

1 Neal, loc. cit.; also see Beth Snyder, "Online Newspapers Helps Electric Utilities Market," , Vol. 68, No. 46 (Nov. 17, 1997), p. 58.

2 Ann Chambers, "Co-Ops Launch National Brand," , Vol. 102, No. 5 (May 1998), pp. 1-3.

3 George Sladoje, "California, One Year Later: More Winners than Losers," , Vol. 37, No. 1 (May, 1999), p. 22.

1. The original consortium of 15 energy companies, announced March 29, 2000, included American Electric Power, Cinergy, consolidated Edison Inc., Duke Enbergy, Edison International, Entergy, Exelon, firstEnergy Corp., FPL Group, PG&E Corp., Public Service Enterprise Group, Reliant Energy, Sempra Energy, Southern Company, and TXU.

Pay Now? utilities would pass along the higher prices all at a clip, leveling the books, but throwing customers into severe rate shock.

or Pay Later? utilities would defer the charges over months or even a year, to keep bills stable for ratepayers, but at the risk that some customers would end up paying for gas they never bought in the first place.

 

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