I don't know why they're doing it. I have to assume that their motives are positive, not negative. But they don't understand the severity of the problem in this state.
They're the Federal Energy Regulatory Commission, and they will not do that. They will not pull the trigger.
There are so many scenarios here. We tried to prepare for the worst summer in 40 years and build assumptions based on that. We're preparing for the worst, but we're hoping for the best. And I've told people the end is in sight.
We're not going to take this sitting down. We are fighting back.
I'm doing my part, building plants at a record rate, having historic conservation levels. The only people not doing their part is the federal government that is siding with the energy companies against the interests of the people of California.
Here is my general approach to the energy companies. You have already charged the utilities a 50 percent credit penalty for the power they were buying from you. You're charging us a penalty. You're not going to get two bites of the apple here.
I have not been briefed.
I know that Duke made a number of demands, including that the attorney general drop its investigation. We have no intention of asking the attorney general to do that.
Meanwhile, people have to join us and fight back against the federal government that has dropped the ball, that is in bed with these energy companies, that wants them to make more money than they've made before.
So it was flawed in that it didn't require California to have a first claim on the power plants. It deregulated part of the market, but not all of the market.
Well, there's no question that the law passed in 1996 was flawed. It deregulated the wholesale market, meaning the price that the utilities had to pay energy companies for power, but not the retail market.
Now, in the space of a year, we've spent 450 percent more for power than we did the year before, and bought essentially the same amount of power. This year, that number's likely to go up. That can't go on forever and have us continue to be the economic engine for America.
We started focusing on this in earnest late summer and early fall. I can build more power plants. In the 12 years before us, not a single plant of major consequence was built.
As the governor of this state, I obviously see the issue quite differently.
I don't know if I would do this if I had to start over again.
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