Today the New York Times is running a great piece in the Business Section.
Here's a couple of paragraphs of the story:
Four big investment firms bought a group of Texas power plants in 2004 for $900 million and sold them the next year for $5.8 billion.
These extraordinary profits have come during a decade-long effort in about half the states to overhaul the business of producing electricity — in the name of stimulating competition and lowering utility bills.
But even as some investors have profited handsomely by buying and sometimes quickly reselling power plants, electricity customers, who were supposed to be the biggest beneficiaries of the new system, have not fared so well. Not only have their electricity rates not fallen, in many cases they are rising even faster than the prices of the fuels used to make the electricity. Those increases stand in contrast to the significantly lower prices in other businesses in which competition was introduced, such as airlines and long-distance calling.
Some electricity customers are also being saddled with monthly surcharges to cover construction costs for plants that were sold at bargain prices and then resold at huge profits. Some of these surcharges will continue for years.
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Do not let Danny privatize - in any way our Crown Jewel - and do not let him export our future by selling Lower Churchill power outside the province.
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