Power and Regulation
As we know, power should be regulated. Always. In the field of electrical power, however, it was claimed by freep marketeers that deregulation would shower benefits of practically! free! power on everyone. They were wrong, of course and now states are scrambling to re-clothe the emperor….
Recent Energy Department data shows that the cost of power in states that embraced competition has risen faster than in states that had retained traditional rate regulation.
One prominent critic of competitive pricing — Marilyn Showalter, a former Washington state utility regulator who has become an advocate of publicly owned power systems — has calculated that, in the year ending May 31, customers in competitive states paid an extra $48 billion for their power, compared with what they would have paid under rates in regulated states.
David Cay Johnston [always worth reading...]
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