Jeff Bingaman: “Let me finish my comments and then I will be glad to yield for a question. We took that provision and we said, let's do…”

“Let me finish my comments and then I will be glad to yield for a question. We took that provision and we said, let's do the same thing at the Federal level and try to say we do not need to have a 5-cent credit; let us have a 3-cent credit, but let us also put that provision in 3 cents or 200 percent of the average price of traded credit, whichever is less. So if, in fact, the same thing happens nationally that has happened in Texas, which I think it likely would--credits would be trading for substantially less than the 3 cents--then it is very likely the credits that would be purchased from the Government, if a utility decided to go that step and purchase credits from the Government, would be substantially cheaper. All of this, to some extent, is estimating where we think things will be once this legislation becomes law, if it does become law. I am glad to join with my colleague from Oklahoma or any other Senator in urging the Energy Information Agency to update their models, update their studies, and give us good information about what the right amount of credit ought to be. I am not certain 3 cents is the right amount, but it seems like the right amount based on what we know today. Based on the review of the numbers of different economic analyses, we have determined that 5 cents is too much. We have also determined that the 1.5 cents is probably too little. So our estimate is the 3 cents is about where it ought to be.”