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Gov. Davis' Energy Contracts now a Bargain for Arnie

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posted on Jul, 22 2006 @ 12:02 PM
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Despite a midsummer heat wave that has pushed energy use to an all-time high this week, experts say Gov. Arnold Schwarzenegger probably does not have to fear the blackouts that ended former Gov. Gray Davis' political career.

And he has Davis to thank for that.

The long-term contracts Davis signed, at great political cost, guarantee plentiful energy for the next few years at what now look like good rates.

"In an interesting twist of fate, he's benefiting from the decisions that his predecessor suffered for," said Frank Wolak, a Stanford economist who specializes in energy. "The terrible contracts" Davis "signed at the height of the crisis are now quite reasonable."

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Just goes to show how things change.

I wasn't a big fan of Davis due to his being leveraged by and beholden to lobbies and special interests, but I did think he got a raw deal taking the blame and being recalled for the energy crisis that hit California in 2000-2001. We all now know that Enron (and?) was behind the market manipulations that caused that crisis.

Perhaps it was all planned to go down this way. Too bad we will never get a chance to ask Ken Lay about it. BTW, who really thinks those are his ashes interred there in Colorado?




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