No coin nor oath required. For personal study only.
et's review how this is supposed to work: As the states belly up to the bar at the restructuring saloon (the "Golden Turbine") they're agreeing that utility customers should pay incumbent utilities pretty much all their sunk costs related to above-marketprice generation. In return for this benison, utilities agree to cooperate in setting up a regime under which customers will be able to choose their electricity suppliers. Doesn't sound too bad, does it? Most of us can accept that innocent utility investors should be able to recover and earn a return on investments they funded, at least those that were prudently carried out. And experience we've seen from just about every other industry indicates that competition can improve service options and cut prices. Call us starryeyed, but we believe that. How can this thing go wrong then? All this sounds fine at the Conceptual Level. (That's where the Golden Turbine is located, by the way, atop the Heart o' America Mall.) And the Conceptual Level is where most policy makers have remained. (You keep drinking these really tasty Ruby Margaritas they make at the Turbine and you figure, "Relax. It'll all work out. Competition will break the backs
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Recent law and economics literature suggests that courts and administrative agencies should allow utilities to renegotiate supply contracts signed prior to restructuring, as an attractive alternative to continued regulatory oversight or possible bankruptcy.