nytimes com article real wolf article nytimes com sent vkaminski aol com advertisement looking better solutions toshiba uniting digital mobile network innovations bold new vision information technology today tomorrow take closer look life new digital age imagine good visit toshiba com details real wolf reckonings paul krugman ecently received letter economist respect chiding naderite columns california energy crisis believe market manipulation power companies could possibly important issue sounded much like sort thing one hears knee jerk leftists blame greedy capitalists every problem third world poverty high apartment rents left cried wolf many times sensible people learned discount claims bona fide wolf arrived whose predatory behavior terrible damage populous state nobody believe true california would heading summer power shortages even never deregulated even workable competition wholesale electricity market prices market would spike periods peak demand transferring billions dollars either taxpayers consumers generators evidence overwhelming workable competition california power market actions generators gaming system greatly magnified crisis key fact california somehow remained state less continuous power shortage high wholesale prices regardless level demand rash outages kept electricity market conveniently profitably short supply even periods low demand ought lots excess capacity frank wolak stanford economist also advises state power grid pointed outage power plant lot like employee calling sick tell directly whether really sick chosen take day reasons look circumstantial evidence evidence convinced mr wolak generators use forced outages strategically withhold capacity market view shared growing number researchers brings us latest move federal energy regulatory commission wednesday commission apparently decided offer california relief put new price caps place california electricity market say apparently look plan less likely seems help indeed measure passed 2 1 vote william massey one commissioner sympathetic calls price controls voting grounds would ineffectual wrong ferc plan first caps prices emergency conditions ignoring fact electricity prices stayed hard explain levels even emergency effect plan laid electricity market really competitive spite evidence second even emergency price caps full loopholes offering extensive opportunities mr wolak calls megawatt laundering selling power affiliated companies one reason another exempted price controls example controls apply imports neighboring states selling back california market severin borenstein university california energy institute adds allowed price depends cost generation least efficient plant generators clear incentive produce inefficiently predict find plants never heard suddenly operating pretty inefficient general verdict seems serious plan serious proposals mitigate crisis indeed last fall mr wolak submitted proposal well received experts ferc ignored charitable interpretation ferc still get bring believe time wolf real uncharitable interpretation last week action meant fail medley report online newsletter calls ferc plan grand exercise posturing without substance clever temporary move bush administration deflect political fallout looming disaster whatever explanation plain fact ferc administration yet offer california significant relief 00 fo 04 b 3 blabf visit nytimes com complete access authoritative news coverage web updated throughout day become member today free http www nytimes com eta advertise information advertising e mail newsletters creative advertising opportunities new york times web please contact alyson racer alyson nytimes com visit online media kit http www nytimes com adinfo general information nytimes com write help nytimes com copyright 2001 new york times company