On the recordMay 23, 2001
That is a good profit. But if you have monopoly power and the White House is there to make sure that you do not get regulated, you produce less. Why produce a megawatt for $30 and sell it for $50 when by producing half as many, you can drive up the price to $500. You will sell fewer megawatts, but you will make an enormous profit on each one. That is what is happening in California, and it is that simple to explain. With monopoly power, with the absence of regulation, with a White House that prevents us from proposing that regulation ourself, with a White House commission that refuses to follow the law and impose that regulation, and with a House Republican leadership that refuses to tell the Federal Government to impose that regulation, the way you make the obscene profits is you produce a lot less electricity and you sell each megawatt for a fortune.
Source
govinfo.gov
