Phil King (TX-Weatherford), True to Form, Helps out His TXU Buddies- They can Keep aLL their Electric Generators Somervell County Salon-Glen Rose, Rainbow, Nemo, Glass....Texas


Phil King (TX-Weatherford), True to Form, Helps out His TXU Buddies- They can Keep aLL their Electric Generators

26 April 2007 at 12:22:19 PM

I almost let myself slip into the thought that Phil King wasn't totally bonded to corporate lobby money. But it was a fleeting laugh, because King is sponsoring a bill that would let TXU continue to dominate the electric market, EVEN WHERE WE KNOW THEY ILLEGALLY MANIPULATED THE MARKET!

Under pending legislation, TXU could possibly hold onto all of its big electric generators in areas of Texas where the company has been accused of using its market dominance to unfairly jack up profits.

Instead, the company and other big power generators would have to get approval for regulatory plans showing how they would not unfairly benefit from their market position. Rep. Phil King, R-Weatherford, is sponsoring the legislation, the House version of Senate Bill 483.

But some consumer groups have said King's version represents a watered-down version of the Senate bill. The Senate legislation includes more stringent language regarding company divestitures.

TXU, which controls more wholesale generation in North Texas than any other company, has been accused of using its market position to unfairly manipulate the wholesale market. As a result, it has unfairly increased profits, according to a market monitor at the Public Utility Commission.

The PUC staff has recommended a record $210 million in fines and penalties against TXU.

King's bill would let TXU and other big power generators control up to 35 percent of the wholesale market, although new nuclear-power generators and clean-burning coal plants would be exempt. Under King's bill, if a company goes over that 35 percent level, it would have to file a regulatory report showing how it will not abuse that market position.

That report would have to be accepted by the so-called independent market monitor, which oversees the market on behalf of the PUC and the operators of the Texas power grid.

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