CA Power Industry & Retail Choice, Fitch Says `Stop The Bus'.Business Editors NEW YORK--(BUSINESS WIRE)--Sept. 22, 2000 Steve Fetter, Fitch fitch: see polecat. Managing Director and longstanding critic of California's power restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). plan, today released a Top 10 List of `things I've learned since I stopped regulating and decided to become real': 10. Retail choice is not always a win-win proposition. 9. Elected officials and regulators don't have the stomach to deal with the fact that competitive markets result in winners and losers. 8. Policymakers handed the `keys to the kingdom' to the Federal Energy Regulatory Commission by adopting a model that encouraged their jurisdictional utilities to exit the retail market. 7. Under current law, FERC FERC Federal Energy Regulatory Commission FERC FEMA Emergency Response Capability holds all the cards. However, FERC Commissioners are nice people - some days they even let states regulators watch and kibitz kib·itz intr.v. kib·itzed, kib·itz·ing, kib·itz·es Informal 1. To look on and offer unwanted, usually meddlesome advice to others. 2. To chat; converse. over their shoulders. 6. Some form of shared regulation between federal and state commissioners on a regional basis would serve the electric restructuring cause well. All that's required for that to occur is action by the Congress and President Clin.Bus.Gor., and the President. 5. Congress couldn't get its act together on one-size-fits-all restructuring reform even when it thought things were going well in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). . 4. When Enron Enron A U.S. energy-trading and utilities company that housed one of the biggest accounting frauds in history. Enron's executives employed accounting practices that falsely inflated the company's revenues, which, at the height of the scandal, made the firm become the seventh and other aggregators decamped from the residential retail effort, reasonably-priced year-round electricity supply for the small user became a non-starter non-starter a term used to describe young chickens and turkeys that fail to begin normal food consumption. Mainly due to management conditions, but viral infections and contaminated drinking water can have similar results. . 3. In 1993, I challenged the prevailing wisdom that widespread retail choice would arrive within two years. My forecast called for a transition to electric competition that would take five to six years. The prediction was greeted with hooting from the audience, and with good reason. I was off by at least several years. 2. I'm not sure what to do with the transmission system, but I'm not alone in that conviction. 1. Policymakers who thought `Retail choice is always a win-win proposition' need to offer competitive options to those who truly wish to win (AND, ON A BAD DAY, LOSE) in a market setting, while providing a degree of protection for the vast majority of residential users who never wanted things to change. Steve Fetter's Regulation UnFettered report, `California Retail Choice: Stop the Bus', is available on the internet at `www.fitchratings.com'. Fitch is an international rating agency that provides global capital market investors with the highest quality ratings and research. Dual headquartered in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and London with a major office in Chicago, Fitch rates entities in 75 countries and has some 1,100 employees in more than 40 local offices worldwide. The agency, which is a combination of Fitch IBCA IBCA International Braille Chess Association IBCA Institute of Burial and Cremation Administration IBCA Integrated Business Communications Alliance IBCA International Barbeque Cookers Association IBCA Department of Interior Board of Contract Appeals and Duff & Phelps Credit Rating Co., provides ratings for Financial Institutions, Insurance, Corporates, Structured Finance, Sovereigns and Public Finance Markets worldwide. |
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