State Attorney General Richard Blumenthal has criticized new attempts by federal regulators to encourage competition in power markets, saying the fixes amount to a â€œband aidâ€.
The Federal Energy Regulatory Authority says its proposed new rules are the culmination of a series of conferences and thousands of pages of public comment on the workings of deregulated electricity markets. FERC says the changes are aimed at improving the operation of markets, boosting competition, and ensuring just and reasonable rates. The measures include freeing up how suppliers can buy electricity during periods of high demand, improving the marketing of long term power supply bids, and better data collection and monitoring of markets. Attorney General Richard Blumenthal says heâ€™s not impressed.
"Their approach is to make the most minor possible tweaking changes in the supposedly competitive market, because they believe those markets are operating well. But that belief is delusional. Someone should remind the FERC that Connecticut power prices have doubled in the last five years, and these measures would do nothing to help consumers and businesses that have been crushed by these rising rates."
Blumenthal says heâ€™ll continue to push the state legislature to establish a Connecticut Electric Authority that would purchase power and own generation plants.