They're the Federal Energy Regulatory Commission, and they will not do that. They will not pull the trigger.
Here is my general approach to the energy companies. You have already charged the utilities a 50 percent credit penalty for the power they were buying from you. You're charging us a penalty. You're not going to get two bites of the apple here.
Meanwhile, people have to join us and fight back against the federal government that has dropped the ball, that is in bed with these energy companies, that wants them to make more money than they've made before.
Well, there's no question that the law passed in 1996 was flawed. It deregulated the wholesale market, meaning the price that the utilities had to pay energy companies for power, but not the retail market.
I believe the solution to the energy challenge is threefold: stabilize prices, increase conservation and increase generation,
I expect these bids on long-term energy contracts should stabilize the market and drive the price of electricity down. This is a key step in our efforts to keep the lights on in California at a reasonable price.
We can buy it in the five to the five and a half cent range, ... That will stabilize the energy market, allow utilities to have some breathing room to pay off their creditors, and we will do all of this without raising rates to California customers.