Wendy Sherman: “I thank the gentleman from San Diego, California (Mr. Filner) whose home county was ground zero for the consumer being…”

“I thank the gentleman from San Diego, California (Mr. Filner) whose home county was ground zero for the consumer being directly affected by this Statewide and now regionwide rip-off. In 1999, California paid $7 billion for electricity generation. The next year, in the year 2000, we actually used less electricity at peak times, but for the same basic amount of electricity we paid $32 rac{1}{2} billion. This year we will use the same amount of electricity as we used in the prior 2 years, and we will be charged $70 billion, from $7 billion to $70 billion, no more electrons, just more price. A transfer this year, if it continues, of $63 billion from the consumers of California to a few megacorporations coincidently based in Texas. The entire State said okay, we did not do the right thing with our deregulation. We want to reverse it. We want to regulate these same plants that used to be owned by our regulated local utilities and have been sold off to these big outfits based in Texas, and then we are told by the Federal Government, you cannot regulate these same plants that you regulated before, Federal law prevents it and we, the Federal Government, although the statute tells FERC that they are required, are required to insist upon fair and reasonable rates, they have decided to go AWOL. So the effect is to move $63 billion of wealth from consumers in California to megacorporations chiefly in Texas.”