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Credit Pacific Service Union The latest post-mortem from California's energy crisis points to a fundamental flaw in many of the nation's deregulatory schemes. In industries ranging from electricity to telecoms, the government has gone for competition, inviting private electricity generators or phone operators to go up against incumbent monopolies.

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Credit First Service Union The problem is that parts of these industries -- the electricity grid in one case, the local phone lines in the other -- are natural monopolies. The incumbent firms have therefore been able to muscle out opponents, minimizing competition in even the supposedly non-monopoly portion of each industry.

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Card Credit Mobile Service Take the electricity example. The industry used to consist of monopoly utilities, which generated electricity, ran the wires that distributed it, and handled the billing and servicing of consumers. Deregulators opened the generation business to competition. But incumbent utilities that retained monopoly control over the transmission grid used that advantage to purchase power from their own generators, not from upstart rivals. Competition has flourished only where transmission monopolies have been forced to get out of the generation business, leaving the upstarts to do battle on a level playing field.

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Card Credit Discover Service Or consider telecoms. This industry also consisted of a monopoly utility, which owned the wires and handled customer accounts. Deregulators opened up the customer-account part of the business. But incumbent utilities that retained monopoly control over the wires used their position to squeeze rivals, with the result that more than 90 percent of households still get their local phone service from a wire-owning monopolist. Competition has flourished only in the long-distance market, again because monopolists have been kept out of this area, leaving a level playing field.

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Credit Public Service Union The latest news on California suggests that a similar problem may beset the natural gas industry. Last week an administrative judge at the Federal Energy Regulatory Commission ruled that El Paso Corp., the nation's largest pipeline company, withheld gas from California during its period of shortages, pushing up prices and costing the state an astonishing $3.7 billion. El Paso will appeal, arguing that safety concerns restricted the volume of gas it could pump into California. Whatever the verdict, the striking thing is that a pipeline company had an incentive to restrict supply -- even though, as natural monopolies, pipelines operate under regulated tariffs that don't rise along with energy prices. The reason El Paso had that incentive is that the pipeline is affiliated with a merchant gas seller that stood to gain from higher energy prices.

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Card Credit Processing Service In the case of electricity, the federal energy commission is doing its best to break up the remaining utilities that combine generation with control of a transmission grid. When the dust settles on the El Paso case, the commission may wish to consider separating gas pipeline operators from gas merchants. The history of deregulation shows that allowing natural monopolies into other, supposedly competitive markets is a recipe for harming consumers.

Center Credit Service Union Washington Post - 9/30/2002

Topic: Energy

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