Senate testimony: Caps will only prolong California’s agony

“Price caps, although well-intentioned, usually distort the market and create unintended consequences,” Makovich said in his prepared testimony. “We have already seen this in California, and the history of broadly applied wage and price controls or targeted controls on energy prices like natural gas in the 1970s is also a record of distortions and unintended consequences. We can be sure that price caps on power in California today will do one thing: prolong California’s agony,” said Makovich, co-author of “Beyond California’s Power Crisis: Impact, Solutions and Lessons.”

CHARLOTTE, N.C., June 13, 2001 – Duke Energy today petitioned the Nuclear Regulatory Commission to renew the operating licenses for both McGuire and Catawba nuclear stations.

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