The organization that runs our nation’s largest electricity auction valued at more than $10 billion wants to sabotage states trying to combat climate change by subsidizing clean energy like wind and solar power.
PJM Interconnection is trying to rewrite the rules that govern wholesale electricity prices to favor polluters and Trump donors like coal-burning power plants. Trump has stacked the commission that oversees electricity regulation to help it do this.
JM Interconnection is trying to rewrite the rules to favor polluters and Trump donors like coal-burning power plants.
Maura Healey, the Massachusetts attorney general, and 10 other state attorneys general wrote the Federal Energy Regulatory Commission asking it to promote markets that recognize the rights of states under federal law to choose cleaner energy. States such as Washington, New Mexico and New York want to get all their electricity from clean energy.
“It is not just and reasonable to seek high prices to maintain the competitiveness of aging, uneconomic, and higher-emitting resources by discriminating against state-supported cleaner technologies,” they wrote.
Calpine Corp., the private equity-owned company that is the largest generator of electricity from natural gas, and 14 other power companies including the bankrupt Homer City Generation and GenOn Energy Management asked the commission to rewrite the rules on setting electricity prices to benefit them.
Calpine Corp. is owned by a group of investors led by Energy Capital Partners which spent $2.5 million in federal lobbying in 2018. Energy Capital Partners was founded by Doug Kimmelman who promotes himself as supporting disadvantaged youth, but the proposal his firm is pushing could increase electricity bills for the average residential customer in the PJM market by $6 a month or about $5.7 billion for 65 million homes and businesses.
The costs would vary in the District of Columbia and the 13 states that PJM operates in ranging from $25 million in Michigan to $1.1 billion in Ohio, according to an analysis from Grid Strategies LLC. PJM had planned to hold its auction in August, but the commission has repeatedly delayed it.
PJM contends subsidies for clean energy will ultimately drive cheaper electricity generators from the market and raise prices.
Organizations like PJM whose former CEO, Andrew Ott, made $700,000 were created by the commission to estimate the demand for electricity and run regional wholesale electricity markets. The PJM auction is the largest single auction of electricity in the country, if not the world, but a federal report found that the commission has not assessed the overall performance of these markets.
In the most recent PJM auction, for 2021-2022 delivery year, prices increased by more than 80% over previous year prices.
McConnell is surely preparing a minefield of procedural moves to save Trump’s skin
The impeachment trial shouldn’t come down to which tricks and maneuvers work best – for any side.
For perhaps one day, senators ought to be able to set aside the proscribed role as defenders of their partisan parties to consider whether Donald Trump’s repeatedly brusque treatment of the Constitution is beyond the pale set for impeachment.
But, of course, we know ahead of time that they cannot, and thus, we are about to be dragged once again through procedures that will be more for show than for results.
Still, one could hope that it is out of the conviction that facts will be sought and that American voters can be assured that there has been an actual review.
It looks like the Donald Trump-Boris Johnson honeymoon is finally over — thanks to China
They could co-star in “Dumb and Dumber—The OK Boomer Special Edition,” but Donald Trump and Boris Johnson reached a critical point in their sometimes rocky bromance this week.
Yes, it’s true, the British Prime Minister sent his alleged ally across the Atlantic what every couple in a long-distance relationship dreads: Mixed messages.
At first blush, it might have seemed that Johnson was kissing Trump’s ring when he said Tuesday in a rare sit-down interview with BBC Breakfast that if the 2015 Iran nuclear deal breaks down, a “Trump deal” should replace it.
Federal prosecutors target foreign corporations for illegal activities US companies commit all the time
Federal prosecutors recently announced that telecommunications giant Ericsson will pay more than $1 billion to resolve allegations that it conspired to make illegal payments to win contracts in five countries. The settlement included a $520 million criminal penalty imposed by the Justice Department and a $540 million civil payment to the Securities and Exchange Commission.
This was the latest in a long series of cases brought under the Foreign Corrupt Practices Act, the 1977 law that emerged out of the Watergate-era revelations about improper overseas payments by U.S. corporations. But what the case against Sweden’s Ericsson highlights is the extent to which the law is being applied to foreign corporations as well as domestic ones.