FTCR calls FERC's Response to Enron Tapes Appalling

[Robbien]

Consumer Group Calls Energy Regulator's Response to Enron Tapes Appalling; FERC Chairman Twice Appointed by Bush at Ken Lay's Request

To: National Desk, Energy Reporter

Contact: Doug Heller of FTCR, 310-392-0522 ext. 309

SANTA MONICA, Calif., June 16 /U.S. Newswire/ -- The Foundation for Taxpayer and Consumer Rights (FTCR) chastised Federal Energy Regulatory Commission (FERC) Chairman Pat Wood, III for statements he has made regarding the recently revealed Enron tapes. After reviewing a letter from Chairman Wood to Senator Boxer, the California-based group expressed outrage at Wood's dismissive response to the lurid tapes of Enron employees describing their manipulation of the California energy market during that state's deregulation crisis.

FTCR is "appalled by your indifference to both already established facts surrounding Enron's gaming of California ratepayers and to the suffering of Californians due to market manipulation perpetrated by companies that you regulate," the group wrote in a letter sent to Wood today. The letter is available at http://www.consumerwatchdog.org/utilities/fs/fs004379.php3

In his letter to Senator Boxer, Wood claimed that there was no relationship between market manipulation and $40 billion worth of excessively priced energy contracts signed by California at the height of the 2001 energy crisis. He stated "the Commission found no evidence that there was market manipulation SPECIFIC TO the long-term contract negotiations and no evidence of unfairness, bad faith or duress in the negotiations of the long-term contracts. (emphasis in original)"

FTCR points out that not only does this assertion ignore the extraordinary evidence provided by the Enron tapes, but it also directly contradicts his own agency's prior findings (in its March 26, 2003 "Final Report on Price Manipulation in Western Markets"). In that report, FERC found that the manipulated market prices directly impacted California's long-term contracts.

. . .

FTCR wrote that Wood was more empathetic for the "discredited positions of Ken Lay" than of Californian. The group noted that Wood was first appointed to the Texas Public Utilities Commission by then-Governor Bush at the request of Enron's Chairman and CEO Ken Lay due to his strong support for energy deregulation. Ken Lay later urged President Bush to move Wood to FERC.

http://releases.usnewswire.com/GetRelease.asp?id=151-06162004

The rest of the news release is also interesting. Also, Californians can go to the FTCR site where they have put together citizen's committees to help fight in this cause.
http://www.consumerwatchdog.org/citizen/

[tom_paine]

1. Well, FERC's primary mission is to aid Imperial Family Frauds

I think they have been quite efficient at their mission.

What? Did you think Imperial FERC had anything to do with the FERC of the Old American Republic?

[lovedems]

2. With the help of Ken Lay, you have the fox guarding the hen house.

It is times like this that I don't even recognize my own country anymore.

That bastard, Pat Wood the 3rd (sounds so elitist) should go be fired immediately for incompetence.

[0007]

3. Fired shit! He should be jailed immediately.

This is so bizarre its unbelievable. And yet Ken Lay walks around a free man, a close friends of the bush family, one doesn't have to guess what's going on, 'eh?

And that Jeffery Skilling gets interest on his money.

[lovedems]

6. You are absolutely correct. Fired it is. I guess I am just accustomed to

the ENRON scum bags walking around scot free.

BTW, my brother used to work for Enron. He was an "electricity salesman" or something of the sort. When Enron went down, he got approximately 300,000 bonus. My uncle and I remind him on a regular basis that he got rich with stolen money.

He went and bought a new mini-van with peoples retirement accounts. I have to keep reminding him of that.

[Mandate My Ass]

4. Wood was handpicked by Kenny boy Lay

and he's gonna dance with who brung him.

[Fovea]

5. Here is a guy

who, if he hung himself from a light pole and set himself on fire, would do the world a 40 billion dollar service.

[Mountainman]

7. The long term contracts were needed because of the gouging going on.

Davis was forced to buy electricity at outlandish rates or let businesses go without electricity. All the while the right was blaming him for the problem.

[AndyTiedye]

8. Instead FERC Punishes California for Complaining

9 billion wasn't enough, they're actually demanding we give Enron even MORE?!!!????!?!!????

They're probably also starting the punishment for our 2004 vote early.

By the way, gas prices in CA have not dropped a penny.
I hear in other parts of the country, they're down 50 cents already.

[Fire_wasp]

9. Gas Prices

I'm from VA and I can tell you that they definitely aren't down anywhere near 50 cents. From scanning the signs around here I'd say it's less than ten on average.

[struggle4progress]

10. kick

:kick: