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Chairman King statement on recent electric price hikes Print E-mail
by Will Lutz    Thu, Jun 5, 2008, 09:06 am

House Regulated Industries Chairman Phil King (R-Weatherford) issued the following statement June 3 on recent price increases for electricity:

"I am very concerned over the recent extraordinarily high wholesale prices in the electric market and am troubled by the retail electric provider (REP) defaults on the heels of those price spikes.
I have had conversations this morning with both Barry Smitherman, the Chairman of the Public Utility Commission of Texas (PUC) and Bob Kahn, the CEO of the Electric Reliability Council of Texas (ERCOT). I have been assured in no uncertain terms that the PUC and ERCOT are taking corrective action to stop these price spikes. The Independent Market Monitor has drafted an operational protocol revision for ERCOT in an attempt to resolve the recent price spikes in the market, and that will hopefully correct these problems in short order. Moreover, I strongly urge ERCOT to move quickly with any implementation of recommendations made by the Independent Market Monitor. I have called a hearing of the House Committee on Regulated Industries on June 23rd, in which the committee will hear testimony on the regulatory and market-based actions taken to correct these issues. Furthermore, the Independent Market Monitor is conducting an investigation to ensure that there is no fraudulent manipulation of power prices occurring in the marketplace.”

To read the Lone Star Report, link here:

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written by michael a. , June 05, 2008

The deregulation of electricity is the worst travesty ever foisted on the people of Texas. Concocted by Republicans and for Republicans, this scheme has not helped the average Texan one iota. Surrounding states with similar needs and resources pay less. Electricity is a necessity like health care and because of that, it needs government regulation to keep greed at bay. No one is against someone making a profit but to let the fox guard the hens is hurting the average electricity user.

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