Nancy Pelosi: “I rise in support of the Waxman amendment to establish cost-of-service rates for electricity sold at wholesale in the…”

“I rise in support of the Waxman amendment to establish cost-of-service rates for electricity sold at wholesale in the Western region. As has been mentioned here, Mr. Chairman, in June, the FERC, the Federal Energy Regulatory Commission, imposed a soft cap based on the least efficient generators selling into the California markets. The FERC was established to ensure that consumers were charged fair and reasonable costs for their electricity. It has not neglected that mandate; it came through with this June 19 action, but not only was it too little too late, but it was the wrong way to go. As I said, it put a soft cap based on the least efficient generators selling into California's markets. For that reason, energy suppliers still have incentives to withhold power in order to drive up electricity prices, still gouging consumers. In fact, a new study shows that electricity suppliers are still trying to sell electricity at prices up to five times higher than the Federal caps. Last week, the Vice President passed his electricity bill on to the Navy. Instead of doing that, this body should be passing a bill to help America's consumers. I urge support of the Waxman amendment.”