Word: houstons
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...White House, just nearby - at the Federal Energy Regulatory Committee (just call it FERC), negotiators for the State of California and the Companies of Houston have closed their briefcases after spending all the allotted 15-day talks in utter disagreement as to the events (and price tags) that comprised the so-called California power crisis...
...California says Houston owes them $8.9 billion in price-gouging of its utilities - which it had to bail out. Houston says California should come back either never or when the utilities have settled their tab with the power companies, somewhere around $4.5 billion. Both sides use different math, different records, different allegations that nobody can seem to prove one way or the other. The designated referee, veteran federal mediator (and FERC chief judge) Curtis L. Wagner, wasn't getting paid to find and declare the truth - he was just mediating a private negotiation, and it was a doozy...
...bleed us dry," Davis said back home - where he was proudly cutting the ribbon on a brand new Bay Area power plant. "Clearly they don't have the best interests of Californians at heart, and they're trying to ship every dime out of our state and back to Houston, Texas...
...Twenty billion is a sum which, Davis will not hesitate to point out, could have been sloshing around in the nation's biggest economy during the nation's first good look at a recession in ten years if not for somebody having gotten screwed. By Houston. And the White House...
...Houston's view, of course, Davis simply screwed up, and is using them to hide his shame. In fact, on closer examination "Houston" isn't really even Houston. According to the LA Times, state records show that over the first three months of this year - some of the worst of the crisis - the power generator charging the most on average for a megawatt-hour, at $498, was Powerex, the trading arm of a Canadian public utility. After Powerex was a subsidiary of San Diego Gas & Electric's parent company - third-highest, at $292, went to the Los Angeles Department...