TXU's Been Driving up Prices-Yeah, We Knew This in OCTOBER 2006Somervell County Salon-Glen Rose, Rainbow, Nemo, Glass....Texas


TXU's Been Driving up Prices-Yeah, We Knew This in OCTOBER 2006

13 March 2007 at 4:10:01 PM

The Galveston Daily News broke this story back in October, showing that PUC was trying to hide the fact that TXU was screwing over their ratepayers, and had known this since the previous July. Did that stop the deregulation from occurring on January 1st? No.

Here it is March 13 and there's another story about this in the Fort Worth Star-Telegram, about how, duh...

TXU Energy engaged in unfair trading practices in the wholesale electricity market and as a result racked up $20 million in unfair profit, a state regulatory investigation has concluded.

Prepared by a consulting firm under contract to Texas regulators, the report specifically found that TXU improperly drove up some wholesale electric prices by 15.5 percent during the summer of 2005.

Same company that issued the report last fall. 

The report, which could lead both to a eventual finding by the Public Utilities Commission that the company broke state law and to fines, was the result of an examination of a three-month period when some wholesale electricity prices spiked to higher-than-usual levels.

The consulting firm, Fairfax, Va.-based Potomac Economics, has been hired by the state to act as an independent monitor for the Texas electricity market. The consultants issued a similar report several months ago that pointed out "substantial competitive concerns" with the company's market behavior, but did not allege that the company willfully abused its market position.

But this time, Potomac concluded that "since TXU raised prices in the market and profited from its activities ... TXU's behavior constitutes market power abuse," according to a cover letter to the report. Regulators will determine possible penalties for TXU probably within a couple of months, a PUC spokesman said.

Will this do anything about the sale of TXU to the corporate raiders?

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