June 18, 2002
The GAO report further concludes, "Absent an effective regulatory and oversight approach, FERC lacks assurance that today's energy markets are producing interstate wholesale natural gas and electricity prices that are just and reasonable."
"During the energy crisis, California's businesses and consumers not only faced escalating prices, they experienced blackouts that endangered health and safety and the regional economy, and companies such as Enron are not being held responsible for their actions," said Lee. "This is even more troubling when there is evidence that the Administration's energy plan incorporates a vast majority of Enron's policy recommendations, and that FERC is not doing its job."
On June 5, 2002, Lee joined thirty-one members of the California Democratic Congressional Delegation in wroting to FERC Chairman Pat Wood requesting and extension of the Western Price Mitigation Plan beyond September 30, 2002.
"California and its neighbors are making significant progress to address the issues within their jurisdiction that will ensure that a future crisis does not occur. We have been concerned that FERC's actions have not gone far enough to help California and the other Western states and now this report proves it," said Lee. "Maybe in the face of this report, Chairman Wood will extend the existing package of mitigation measures without weakening modifications to begin to bring some justice to Californians. It is the right thing to do."
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Congresswoman Lee Responds to GAO Report on Federal Energy Regulatory Committee
Washington, D.C. - The General Accounting Office today released a report, "Energy Markets: Concerted Actions Needed by FERC to Confront Challenges That Impede Effective Oversight," which concludes that "At the current time, FERC is not adequately performing the oversight that is needed to ensure that prices produced by these markets are just and reasonable and therefore, it is not fulfilling its regulatory mandate."The GAO report further concludes, "Absent an effective regulatory and oversight approach, FERC lacks assurance that today's energy markets are producing interstate wholesale natural gas and electricity prices that are just and reasonable."
"During the energy crisis, California's businesses and consumers not only faced escalating prices, they experienced blackouts that endangered health and safety and the regional economy, and companies such as Enron are not being held responsible for their actions," said Lee. "This is even more troubling when there is evidence that the Administration's energy plan incorporates a vast majority of Enron's policy recommendations, and that FERC is not doing its job."
On June 5, 2002, Lee joined thirty-one members of the California Democratic Congressional Delegation in wroting to FERC Chairman Pat Wood requesting and extension of the Western Price Mitigation Plan beyond September 30, 2002.
"California and its neighbors are making significant progress to address the issues within their jurisdiction that will ensure that a future crisis does not occur. We have been concerned that FERC's actions have not gone far enough to help California and the other Western states and now this report proves it," said Lee. "Maybe in the face of this report, Chairman Wood will extend the existing package of mitigation measures without weakening modifications to begin to bring some justice to Californians. It is the right thing to do."
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