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Another Friday Outrage. In another demonstration of how electricity deregulation has gone wrong, the energy companies accused of manipulating California’s markets were let off the hook. By Paul Krugman. [New York Times: Opinion]
Many outrages in Krugman’s article, not the least of which is the fine art of burying announcements in the news cycle graveyard of late Friday afternoon — and on a holiday weekend, no less.
Maybe that is the least of them. Let’s do the math: Energy companies pay a $1 million fine — yep, $1 million — to atone for at least $8.9b in ‘deregulated’ gouging. Pretty nice return on investment! (AND no jail time!)