More on Public Utility Commission Sitting on Report that TXU Manipulated Energy Market- UNTIL AFTER Galveston News exposed themSomervell County Salon-Glen Rose, Rainbow, Nemo, Glass....Texas


More on Public Utility Commission Sitting on Report that TXU Manipulated Energy Market- UNTIL AFTER Galveston News exposed them

29 October 2006 at 11:11:00 AM

Background - then link to Galveston News article today via South Texas Chisme

Here's why this information is important. IF TXU actually withheld energy from the market, which Rick Perry then used as info to push through coal-fired plants, then the PUBLIC is being manipulated for the benefit of energy companies.

Did the Public Utility Commission sit on a report containing potentially damaging information about the state’s largest electric utility?

That question and others about the commission’s secrecy have some people wondering whether it’s representing the public or the industries it was meant to regulate.

Basically, the PUC was told by the consulting agency they were using that TXU was manipulating energy prices... back in July.

But it wasn’t until Oct. 6 — a few weeks after The Daily News reported those suspicions — that the utility commission notified TXU it would be investigated.

And even after it did, the utility commission took steps to keep the probe secret...

Late on the afternoon of Oct. 20 — after the stock markets had closed for the weekend and at a time when politicians typically release embarrassing news — the commission disclosed that TXU was the company suspected of withholding power.

But the commission said it was only doing so to spare the state’s second-largest generator — NRG — any suspicion that it had abused the market.

The commission argued that naming companies under investigation would only make a probe more adversarial and difficult to do.

By that logic, “we would keep the names of all criminal defendants secret until they’re found guilty,” said Daily News attorney Charles Daughtry.

The article also points out that Enron was punished, but TXU was not, when PUC found out about TXU doing this before.

• In August 2001, as operators of the grid prepared for deregulation, five power companies — including TXU and Reliant — collected millions in extra payments by submitting inaccurate data. But only one, the bankrupt and disgraced Enron, was fined the following year.

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