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Enron Mail |
But they don't have the votes ....
House Democrats Unveil Calif Power Price Cap Legislation Updated: Wednesday, April 4, 2001 06:32 PM ET WASHINGTON (Dow Jones)--House Democrats introduced legislation Wednesday directing the U.S. Federal Energy Regulatory Commission to impose cost-based price caps in the Western U.S. The measure was unveiled at a press conference, where Western-state Democrats and House Minority Leader Richard Gephardt, D-Mo., criticized the Bush administration and House Republicans for inaction in response to the looming electricity shortage expected to spur blackouts and extreme price spikes in California and neighboring states this summer. The legislation and criticism spurred immediate reactions from House Republicans. "Capping wholesale prices won't solve the problem. It will only complicate the solution," said Rep. Billy Tauzin, R-La., chairman of the House Energy and Commerce Committee. "We want to help California. But strangling incentives to invest in the state's power infrastructure, in my opinion, would have a devastating impact on California's economy," Tauzin said. House Energy and Clean Air Subcommittee Chairman Joe Barton, R-Texas, defended his planned Western-state electricity relief legislation, which doesn't contain a price-cap mandate. "We are involved, and if there is a feasible federal solution, we will find it and see it passed," Barton vowed. -By Bryan Lee, Dow Jones Newswires; 202-862-6647; bryan.lee@dowjones.com
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