Wood won't seek second term as FERC chair, report says

[UpInArms]

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38448.5672448032-833921486&siteID=mktw&scid=0&doctype=806&

WASHINGTON (MarketWatch) -- Federal Energy Regulatory Commission Chairman Patrick Wood is expected to announce Wednesday that he won't seek a second term at the helm of the agency, The Wall Street Journal reported in its online edition. A FERC spokesman refused to comment on the report. Wood has a press conference scheduled for Wednesday afternoon. He was appointed to the commission in June 2001 and was named chairman the following September.

...very short newsblurb...

background on Pat Wood:

http://www.cnn.com/ALLPOLITICS/time/2002/02/18/trail.html

excerpt:

In January 2001, Lay wrote to Clay Johnson, the White House personnel director, with a list of some eight candidates to be considered for presidential appointments. And Bush duly named two of Lay's picks to the Federal Energy Regulatory Commission, which oversees the nation's electricity and gas markets. Since they are where Enron made most of its money, this was a win for Lay.

The White House has not disclosed who else was on Lay's list. But there's no question that Lay was focused on the FERC and its influence over Enron's markets. Pat Wood, whose name was on the list Lay gave the White House, is a respected former Texas regulator who has been backed by Enron since the early 1990s. The company first warmed to him because of his support for deregulation. Last week Lay's 1994 "Dear George" letter endorsing Wood was made public. After receiving the letter, Bush appointed Wood to the Texas Public Utility Commission. To Enron's delight, Wood spent much of his tenure deregulating electricity, though not always in the way the company wanted.

When Bush moved to the White House, Lay promoted Wood's appointment to the FERC. (Bush admired Wood and might have appointed him anyway.) Lay then spoke to FERC chairman Curtis Hebert, a Republican. Hebert says Lay warned that he should take a more aggressive approach to deregulation or risk losing Enron's support. Lay denies Hebert's claim. But Bush did name Wood as the FERC's chairman, and Hebert resigned. Later, under public pressure to impose price caps on California electricity, Wood joined in a unanimous vote to do so, a position Enron opposed. Now the FERC is investigating whether Enron manipulated energy prices in California, and at least one Congressman is calling for Wood to resign, owing to Enron's possible role in his appointment.

...more...

[davidinalameda]

1. good!

do they really need to investigate whether Enron manipulated prices here

the answer is YES!!!!!