Ah, the good old days for utilities in Texas

Discussion in 'Free Speech Alley' started by Tom, Oct 15, 2002.

  1. Tom

    Tom Founding Member

    Sep 24, 2002
    Likes Received:
    Remember the 'energy crisis' in California, you know the phony one that was NEVER about true supply and demand but the manipulated supply, done so by the likes of Enron and El Paso and other energy suppliers. Remember when Texas said they were going to deregulate this past January and how OUR utilities are solid as the Rock of Gibraltar. OOOOOOPPPPPPPSSSSSS!!! The SAME companies that pointed to the incompetence of Pacific Gas and Electric and Edison Electric in California are now up to their eyeballs in either fraud or incompetence:
    1) Item: Enron (formerly Houston Natural Gas)-- what didn't that company do that was neither unethical, illegal, or incompetent
    2) Item: Reliant Energy cooks the accounting books including ping-ponging the same kilowatt of electricity back and forth with other utilities in order to exaggerate their revenue along with other unethical deals
    3) Item: Texas Utilities which STUPIDLY invested at an exorbutant price in Great Britain energy companies. Oh, and that judgment is not hindsight. Scottish Power had exactly the same opportunity to do what Texas Utilities did (buy out some suppliers in England) but decided not to because the price was too high. Geez, I guess Scottish Power actually KNEW the market they were involved in while Texas Utilities was trying to be a big shot global supplier of electricity without any knowledge of that region. Now, Texas Utilities stock has dropped 80%, their dividend has been cut 80%, and just like Reliant and Enron, shareholders (of which I am NOT one) are left holding the bag. Maybe people who run energy companies in Texas(glass houses) shouldn't be throwing stones, huh?

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