Is FERC in Enron's Pocket

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Is FERC in Enron's Pocket

Source: TheTip, 2002-07-01

Candidate: Enron

The El Paso Corporation owns one of the two main pipelines bringing gas into
California. The El Paso Merchant Energy corporation, an affiliate of El Paso,
bought almost 40% of the space on the El Paso pipeline. With control of so much
of the �pipeline capacity,� El Paso Trading can manipulate market prices by
withholding capacity and �cooperating� with its parent corporation, who is
supposed to compete in selling pipeline capacity. The CPUC complained about
El Paso�s manipulations of the market to the Federal Energy Regulatory
Commission (FERC) back in April of 2000, but FERC has done nothing about it
so far!Ironically, the same companies that are profiting off of California�s electric crisis
are profiting from high gas prices as well. These companies - Duke, Dynegy,
Williams, Reliant - own the electric power plants that are driving up gas demand
in California. At the same time, they ship and market natural gas through other
affiliates. These companies can operate power plants in ways to maximize their
profits on both sides. They can ship electric power out of the state, thus driving
up the price of the available power. They can resell their gas if there is more
money to be made in gas sales than electricity. They can sell high-priced gas to
their electric affiliate, who uses that price to justify selling electricity at outrageous
prices. It does not matter whether they sell gas or electricity. Either way
the parent corporation makes huge profits and the California consumer
suffers.
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FERC is an unbiased government agency protecting the interests of the people of the US.
FERC is influenced by lobbyists from large energy companies, but fundamentally an independant agency.
FERC is unduly influenced by large energy companies.
There has been criminal influence by large energy companies on the FERC.

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