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Some regulation
is necessary in modern complex global industrial culture for
a truly free 'market'
economy to work correctly and efficiently.
Regulations
designed to create
a viable, vibrant truly free
market by having multiple local providers of goods or services competing on
a level playing field is the most effective form of economic distribution of
resources.
If a
monopolizing interest takes control of a resource or if
a provider of goods and services is
subsidized then the free
market will fail to function.
General industry specific regulation
assures multiple providers of
goods and services exist to compete with each other on a
level playing field.
An
industry
failing to assure the safety of
marketed products or failing to provide a service as marketed has become
egregiously socially irresponsible.
Industry forfeits its
claim to
self-policing and must submit to
a government regulatory
institution to retain the charter granted.
Egregiously socially
irresponsible corporate charters may be revoked.
Economic efficiency
suggests industry actually rigorously police itself.
While poorly
designed and implemented regulation stifles the
internal balancing
mechanisms of a free market, self-regualtion is token regulation.
Subsidized or monopolized industry fails to
function efficiently.
American automotive
industry is a good example of socially
irresponsiblity.
General
Motors, the Ford
Motor Company and the Chrysler,
basically a three member cartel, held only 48.1% of the American new auto -
cars and trucks - sales
market in July 2007 when foreign imports for the first time held more than
half the market at 51.9%.
First two-thirds of 2011: foreign imports -
52.9%; domestic - 47.1% …
but …
13 American Cars Made Almost Entirely
Overseas
"Detroit likes to claim that making cars
efficient is too costly, requires changes
consumers won't accept or compromises safety, or no technology.
The
auto industry opposed shatterproof windshields, seat belts, upholstered
dashboards, safety locks, inside trunk lock releases, air bags, then smart air
bags, catalytic converters, emission-control devices, energy-absorbing steering
wheels, head restraints, nickel-metal
hydride batteries, California zero emission vehicle mandate and changes to
average fuel economy.
Only legislation can move Detroit." - John
Spradley
Foreign auto companies embraced efficiency and safety above
and beyond legislatively set regulation and by July 2007 those foreign auto
companies held over half the American
domestic market in new car
and truck sales.
American
automotive fought regulation
but foreign auto companies proved making a better product increased market
share without regulation.
"The 2001 California energy crisis precipitated by
Enron shenanigans
resulted in several deaths. Why were no manslaugter charges brought?" - Tom
Lutz"In 2000 - 2001, energy deregulation in California
opened the door for Enron
and similar companies to artificially limit the supply of electricity to the
state, driving up prices and creating rolling blackouts.
Financial
deregulation helped create the housing bubble by allowing companies to sell
mortgages to people who couldn't afford the payments.
The surging
commodities markets and the swooning stock markets are in part caused by rule
changes, made in the name of deregulation, that make it easier to speculate on
price swings.
Recently the three main credit-rating agencies - Standard
& Poor's, Moody's
Investors Service and Fitch Ratings - failed to rein in
conflicts.
Companies issuing
marketable securities were paying the ratings agencies for their rating." -
Eric Lotke 07/20/08
"Anyone thinking that Big Energy (including Big
Solar and Big Wind) will solve America's energy problems must suffer from
Stockholm Syndrome.
As long as we are implementing
a new paradigm
and point-of-use renewable generation is
feasible on hundreds of millions of properties already, why
re-enslave ourselves to
wasteful, wilderness killing centralized power plants and
massive power lines owned by monopolists, rather than working harder for
independence from all Big Energy monopolies, whatever their fuel?
The
debate is not Big Fossils versus Big Renewables, it is Big Energy versus
ratepayers and the planet.
We all know which lobby is stronger." - Shelia Bowers
08/08
"Those of us in
the renewable energy
trenches are finding the battle to install solar becoming more difficult as
building officials implement new restrictions that are not only seriously
increasing the costs but in many cases making it unfeasible to install panels
on a great percentage of rooftops.
Instead of becoming less costly,
streamlined or more manageable, the permit process in most Southern California
cities has become a Sisyphean
task.
Almost daily, municipalities are adding fees and requirements
that make getting a permit the most
difficult part of going solar.
If this continues, it will
soon be impossible to get
a permit for a solar system
unless you work for a municipality or a utility." - Patrick A. Redgate
08/08
1996 Kenneth "Kenny Boy"
Lay replaces Richard Kinder at Enron.
2001
Lawyers for big energy write the
energy deregulation law.
Lobbyists present it to the California legislature on the last day it
could get on the initiative ballot and without legislative examination allow
inclusion.
Big energy then spends a huge sum of money on media
advertising.
Actors explain how this is going to be the best deal for
all Californians.
Californians are told they will be saving money for
the next fifty years.
To make an energy trading market feasible the
energy industry had to purchase software from a
Ross Perot corporation
that would allow it to trade on the newly opened, Enron operated, private
energy market.
Then a sister
Ross Perot marketing
corporation went to work selling a manual that taught energy traders how to
drive up energy prices through trading schemes with other profiteering
trader's.
Enron, a trader in its own
"self-regulated" private energy
futures market,
made bad energy futures
bets.
To cover the losses Enron forged over 400
off-balance-sheet "special
purpose" entities.
Enron's plunge occurred after it was revealed
that much of its profits and revenue were the result of deals with
off-balance-sheet
"special purpose" entities (limited partnerships which it controlled).
The result was that many of Enron's debts and losses were not reported
on financial statements.
To offset loses Enron traders and other
profiteering trader's manipulated California's energy market throughout the
2000-2001 energy crisis through schemes with nicknames including
Fat Boy, Get Shorty, Death
Star.
These tactics
were used to rig wholesale power markets while delivering profits to the
energy traders even as Californians suffered through rolling blackouts and
soaring energy bills.
These trading practices are documented on the
Colorado River Commission phone conversation tape recordings and
mirror earlier
investigations.
The Federal Energy Regulatory Commission
opposed the release of the tapes and has opposed the refund of $9 billion
stolen from "Grandma Millie", a fictitious California grandmother Enron
traders joked of stealing from.
A trader identified as Mallory on the
transcript stated "If the line is not congested I just congest it. If you can
congest it, that's a money maker no matter what 'cause
you're not losing
money to move it down the line."
Traders also stated on these tapes
that their scam was protected.
It was felt
Bush
would not allow the Federal Energy Regulatory Commission to impose price
caps on Bush's good buddy, Enron CEO Kenneth Lee Lay.
"According to
opensecrets.org, Kenneth Lee Lay and pals gave more than $6.5 million to
political campaigns over a 15 year period."- Dennis Doyle
"It is the now
established beyond doubt that manipulation of futures and
derivatives contracts dramatically increased the market price of
electricity in the Western United States during 2001-2002, including the
needless cause of widespread blackouts or rolling blackouts and a surge in
corporate bankruptcies during that time period.
The May 2002
legislative record pertaining to Senators Feinstein's and Cantwell's
unsuccessful attempt to enact legislation that would have allowed governmental
access to manipulation data in these otherwise largely opaque markets
succinctly summarizes the regulatory and economic record.
It shows that
“gaming” energy derivatives markets drove up the cost of electricity
in a manner that bore no relationship to underlying economic fundamentals." -
Michael Greenberger, Lessons
from Enron
EOL, a system providing
the trader with an ability to set and control a range of bids/asks and market
positions without having to resort to phone calls, and real-time access to
energy markets using the Internet.
Enron Online (EOL) is a web-based
deal capture system to initiate and complete transactions in a variety of
commodities, including power and natural gas.
These transactions
included both the purchase and sale of commodities.
EOL supported over
8,000 transactions/day, totaling about $3 billion of energy products
daily.
EOL worked in tandem with front-office tools, such as Sitara for
physical gas and EnPower, which provided data management capabilities for
decision support, such as portfolio management, position management and risk
management.
Trade information flowed through these systems along
multiple paths, depending on the type of trade, whether gas or power, physical
or financial, etc. |
"This
helps make California's case because it clearly shows the intention to abuse
the market by several new energy players, and it clearly shows that this
ricochet game was being
played by parties in coöperation with each other." - Erik Saltmarsh,
chief counsel and acting director of California Electricity Oversight
Board.
"This is more than a smoking gun. It is an audiotape of the
gun being fired, the bullet hitting the victim and the murderer standing over
the victim and laughing."- Russ Campbell, a Nevada Power
lawyer.
Tape recordings came to light when Enron sued Snohomish
County Public Utility District for $122 million claiming it had been
underpaid.
Snohomish County spent $100,000 having the
Colorado River Commission phone conversation tapes
transcribed.
2006 Two Houston energy traders were
found quilty of wire
fraud for fraudulently quoting energy prices.
2007 Trade manager John Forney is sentenced to 2 years
probation and fined $4000 for driving up the price of power in 2000 and 2001 by
faking transmission congestion.
British Petroleum agrees
to pay a fine of $303.5 million for conspiring to fix propane prices in 2003
and 2004.
2008 James Brooks, Wesley Walton
and James Patrick were convicted in 2008 of reporting false trade data on
natural gas prices from 2000 to 2002.
Carnegie Mellon electricity Industry
Center in Pittsburg concludes electricity consumers are paying more for
electricity than they would have if the electrical industry had remained
regulated. |
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