"These letters underscore the unpredictability of the current marketplace. Spot market prices reached levels as high as $7,500 in June. The responses indicated that, while small consumers appear to have been shielded thus far, it is not yet known whether the price spikes will translate to price increases for residential and small commercial customers in future rate cases.

"Both federal and state regulators plan to release reports on last summer's market instability. Congress should take advantage of the wealth of information that soon will become available and hold hearings to determine how well the transmission system is functioning, whether there is adequate generating capacity, and whether market power is being wielded to the detriment of residential and other small consumers."

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