LoneStar Iconoclast: Energy Bill’s Secret Could Create More Enrons [View All]

[Robbien]

WASHINGTON, D.C. — As members of the Senate and House last week met to negotiate items in the proposed energy bill, among the key components in both versions of the bill is the repeal of Public Utilities Holding Company Act (PUHCA), a New Deal measure that prevents utility holding companies from consolidating as well as using their assets for investment purposes

“With PUHCA gone, for the first time since 1935, there would be no restrictions on utility holding companies,” wrote Kelpie Wilson, Truthout’s environment editor. “Among other things, holding companies would be free to raid the assets of utilities to feed speculative investments in completely unrelated businesses - just the kind of behavior that Enron engaged in with such disastrous results. Another change would be opening up U.S. utility ownership to foreign investors.”

Supporters of PUHCA’s repeal point to the goodness of competition and innovation within the industry. Critics and regulators note that mergers would be easier but reduce the powers of state agencies to help consumers.

Wilson said that although the majority of the mainstream media remains silent on this issue, there is still hope to stop the demise of PUHCA.

http://www.iconoclast-texas.com/News/2005/21-30/29news02.htm

they give a site for an on-line petition
http://www.petitiononline.com/NYCR/petition.html
and they also say: if you contact your senator and he or she tells you that PUHCA isn’t needed because increased FERC oversight will give consumers all the protection they need, ask if they know who President Bush just appointed as director of FERC. The answer is Joseph Kelliher. Kelliher was Dick Cheney’s point man in organizing the secret energy task force that drafted much of the energy bill,”