ferc acts impose temporary price caps west ferc acts impose temporary price caps west quick commentary elaboration planned later note late last night federal energy regulatory commission ferc acted impose temporary wholesale power price caps western united states cap affects real time market estimate 5 total wholesale market set expire one year may 1 near term negative power producers energy merchants dramatic example headline risk political risk regulation stepped view reducing multiple investors pay earnings terms earnings ironically effect may somewhat positive albeit small 5 market affected caps likely increase volatility benefiting energy merchants sustain high power prices longer period time benefiting power producers reducing incentive build new plants raymond c niles power natural gas research salomon smith barney 212 816 2807 ray niles ssmb com price caps 4 25 01 quick doc price caps 4 25 01 quick pdf