OGJ Editorial: California's real problem

Before foes of electricity deregulation draw grand conclusions from an official opinion against El Paso Natural Gas Pipeline Co., they should ask why the supposed market manipulation didn't happen in Pennsylvania. Here's a hint: California botched what Pennsylvania got right.The Sept. 23 opinion by Curtis L. Wagner Jr., chief administrative law judge of the Federal Energy Regulatory Commission, accuses El Paso of illegally exercising market power by not delivering gas at capacity rates during California's energy crisis of late 2000 and early 2001. The decision follows disclosures of shady round-trip trading of electric power during the crisis and inevitably will join them in c...

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