Consumer groups ask Congress to consider windfall profits tax for energy producers

The so-called windfall profits tax would take “the fun and profit out of market manipulation and help the market to operate more efficiently,” said Mark Cooper, Research Director of CFA. The consumer groups said lawmakers should consider the tax in the wake of the breakdown of the wholesale electricity market and natural gas markets throughout California and the Western United States.

DES MOINES, Iowa, June 8, 2001 – To maintain a reliable electric system at reasonable prices, MidAmerican Energy will seek its first electric rate increase in seven years – a period in which MidAmerican’s electric rates declined while the Consumer Price Index rose by 16 percent. The proposed average increase of 5.4 percent, subject to approval by the Iowa Utilities Board, would go into effect next year. Even with the proposed increase, customers will continue to pay electricity prices below the national average.

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