George P. Radanovich: “if I may use a little bit of the gentleman's time to comment on one thing that I think will come up in tomorrow's debate…”

“if I may use a little bit of the gentleman's time to comment on one thing that I think will come up in tomorrow's debate on the energy plan and that is on the issue of price caps. As the gentleman knows, we have been facing that in California quite often; and we have deliberated over it many, many hours when we were putting together this energy plan. As a result, FERC, the Energy Regulatory Commission, came up with what they call the 7-24, which is a 24-hour, 7-day-a-week price mitigation observation on the market to make sure that if there were any overcharges that they would all be susceptible to refund. After that imposition, it was interesting, because in California, the ISO, the unit that purchases the energy for California now, out of the Department of Water Resources, had the opportunity, or they were buying power at $80 a megawatt from a hydro facility up in the Northwestern United States, I believe it was up in Washington. They could have enacted the price mitigation measures that were passed by FERC which would have dropped it down to $40 a megawatt, which was basically the cap that was set. The ISO refused to enact on that cap.”