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COMMERCE COMMITTEE DEMOCRATS
Congressman John D. Dingell, Ranking Member
Statement of Congressman John D. Dingell
September 24, 1998
Congressman John D. Dingell (D-MI) today
released responses from state and federal regulators and
consumer advocates concerning market volatility in Midwest electricity markets during June
and July, and renewed his call for hearings on the matter in the House Commerce Committee,
on which he serves. His statement follows:
"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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(Contact: Dennis Fitzgibbons 202/225-3641)
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