Skip to comments.Edison Bailed Out CA Cap and Trade Auction
Posted on 01/10/2013 2:40:19 PM PST by WayneLusvardi
NEW: Edison bailed out CA Cap & Trade auction
The facts slowing coming out about the states first Cap and Trade auction seriously question whether the system is already being gamed by government, together with electric utilities.
Edison International made an announcement on Dec. 20, 2012: At Californias first Cap and Trade auction held back on Nov. 14, 2012, it offered to buy 21 times more pollution permits than allowed. Edisons overbidding error ended up amounting to 72 percent of all the bid offers and bailed out the Cap and Trade auction from failure. About a month later, Edisons unregulated power-generating subsidiary company, Mission Energy, declared bankruptcy on Dec. 17, 2012.
CARBs Credibility called into question
Bloomberg.com reported on Dec. 20, 2012 that Edison International unintentionally bid for twice as many pollution allowance permits as were offered for sale. Edison said its error was due to submitting a bid in the wrong format. For anyone who has ever worked in a large bureaucratic utility, Edisons statement seems unbelievable. The number of hands it would typically take to review and sign off on any bid would have made highly suspicious any so-called bidding error resulting in 21 times the permits offered. Moreover, CARB provided training on auction procedures and held a test sale back on Aug. 30.
Bloomberg New Energy Finance analyst William Nelson said of the California Air Resources Board, This revelation calls the agencys credibility into question. For So Cal Ed, it appears now to have 1.61 million allowances it never intended to buy on its hands for which it spent approximately $16 million. The irony is that Edison was ultimately rewarded for its mistake, procuring credits at a price that is in the money, today.
(Excerpt) Read more at calwatchdog.com ...
Found this with no comments and reminded me of all of the old threads during the Gray-out Davis daze...
Isn’t the head of Edison still John Bryson who is buddy buddy with Mary Nichols and the rest of the NRDC scum?
And the lamestream media just ignores this corruption like it is no big deal...
It has been so long since I posted I forgot some folks that were in on these old threads...
I put a ping on ya every now and then, just ta see if'n you'll pick up what I laid down, but mostly I've just laid an egg here and there. Good to see ya back poundin an pingin!!!
Welcome to the odd new year with it's unlucky number. So far it ain't been too happy with what's infested our govermint!!!
The Metro-Sexuals are still makin war on the Rural-Sexuals by tryin ta git our guns! They don't care that we have somewhere between 20 minute to 20 hour response times by Sheriff's deputies who keep gettin more Metro-Sexual inmates sent out to Rural-Sexual America/CA by them Metro-Sexual federal/state judges!!!
I check out your pings but it’s just too slow and painful to reply. We had some success in the local city and county elections in November.
Bryson was a founder of the NRDC, and buddy buddy is an understatement. He was CEO of Edison International, until he became Obama's Secretary of Commerce. As I think you know, Mary Nichols is up for heading up the EPA.
Any good news is REALLY good news these days! Glad to hear it!!!
Anyways, it's good to know you're out there lurkin in liberal NW CA!!!
Mmmmmm......that gives me an idea.
The NRA should hold a Cap and Trade Auction for gun permits.
The libs/progs will go—you should excuse the expression-—”ballistic.”
Good to see you, forester!
Here's a sad reality:
When THEY come to confiscate your fire arms it won't be Obama, or his lunatic,liberal sycophants in the congress or the dedicated brown shirts in the ATF; it will be your acquaintances and neighbours, your local first responders, the police officer or the deputy sheriff.
Most probably share your view of the Second Amendment but they will be the first to die.
So you're saying from a practical stand point that there's now no longer anyway to re-confine the situation within the constitution as it once was, right?
How is it then that nothing but fear reigns and overides all principles, standards, traditions and all generally accepted notions of patriotism?
It's beginning to appear to me that one can no longer find christian churches that can stay fixed to literal biblical fundamentals, nor first responders who can stay fixed to literal constitutional fundamentals!!!
We're being over-run by thoughtless, gutless people who no longer find crucial value in an American culture, American history or traditional American values.
Those of us who do better get really, really ready to be totally marginalized and completely demonized and designated as undesireable extremists by left and right alike for the rest of the future, right?
Conservatism is thus finally no longer any part of conventional wisdom. May it forever RIP and be relegated to the historical ash heap like we once thought that Reagan did to Communism through Conservatism.
Yes, we may have reached the tipping point.
Most, who I am around, that follow political winds and participate, still respect the founding principals, but their persuasion is no longer represented in the elected legislator. This tells me that "conservatism" is a dwindling percentage of political philosophy.
The vast majority of folks whom I deal with fall into the category of the "under-informed". They can regurgitate the name of the US president and vice president but their knowledge collapses if asked the name of their US senator or congressman or state senator or state assemblyman or county supervisor or even the municipal mayor. Questions about members of Obama's cabinet or sitting, US supreme court members is met with a dull glaze.
My children are not political wonks but their extensive formal education provides them a much better foundation to understand the economic developments of our times. They vote, not along party lines but for the individual as he/she makes their case in a million sound bites.
Yes, the majority has found that they can vote themselves a share of the treasury and insulate their personal activities from the law and common sense.