In an election year move that is sure to stimulate commentary among political observers, California Gov. Gray Davis late Tuesday named a former utility executive and more recently an entrepreneur in the energy services business, Michael R. Peevey, to the California Public Utilities Commission (CPUC), effective Saturday (March 9).
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CA Governor Names Former Edison, Energy Services Exec to CPUC
In an election year move that is sure to stimulate commentary among political observers, California Gov. Gray Davis late Tuesday named a former utility executive and more recently an entrepreneur in the energy services business, Michael R. Peevey, to the California Public Utilities Commission (CPUC), effective Saturday (March 9). Peevey will fill out the rest of the term of Richard Bilas who announced last week he was resigning at the end of the business day Friday. Bilas stuck around this week for a major vote the CPUC has scheduled for today on the regulators’ earlier suspension of direct access, retail customer choice.
Merchant Power Rules, Prices to Keep Changing
The right price signals and eventual resulting technologicaladvances are going to be needed to stimulate the number of naturalgas-fired merchant power plants needed over the next 10 years tosatisfy the projected growth in energy requirements, according to aReliant Energy executive. However, actions on both coasts(California and New York) have cast doubts on whether sufficientincentives will fully develop.
Energy Execs Hunt For Share Price Multiples
Commodity prices are up, and the financial performance of anumber of energy companies is on the rise. The question being askedthis week in Houston is why are Wall Streeters treating energycompany stocks like ugly stepchildren?