WASHINGTON - Today Congresswoman Nancy Pelosi (D-CA) joined Democratic Leader Richard Gephardt (D-MO) and Members of Congress from Western states to introduce “The Energy Price and Economic Stability Act of 2001” which would rein in skyrocketing wholesale electricity prices.
“The Federal Energy Regulatory Commission (FERC) has reneged on its responsibility to ensure just and reasonable rates in California. This legislation will provide prompt relief from excessive electricity prices. Californians are already enduring rolling blackouts and huge increases in electricity prices. With summer around the corner, the demand for electricity will go up all around the region, and California will not be alone in facing an energy crisis.
“Recently Californians learned our electricity prices will shoot up as much as 40 percent. Some say this rate hike was inevitable. It was not. The federal government holds the power to rein in hugely inflated electricity prices and it’s not too late to step in,” Pelosi said.
The bill would direct the Federal Energy Regulatory Commission (FERC) to establish cost-of-service rates for electricity sold at wholesale prices in California and other western states. The rates would expire in two years, and new generation would be exempt, in order to encourage the siting of new plants.
At a press conference to introduce the energy legislation today, Rep. Pelosi joined Democratic Leader Richard Gephardt (D-MO), Reps. Anna Eshoo (D-CA), Sam Farr (D-CA), Henry Waxman (D-CA), Jay Inslee (D-WA), Peter DeFazio (D-OR) and other Members of Congress from Western states.
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