|
McCullough Research
has appeared in industry journals and the mainstream media. Please
contact the publication listed for permission to reproduce or
distribute the items below.
2000, 2001, 2002, 2003,
2004, 2005, 2006, 2007, 2008
2008
September 15 , 2008
Cantwell Says She's Working to 'Shed Light' pn 'Dark' Oil Markets
"'This is exactly the same pattern Enron's manipulations showed in 2000 to 2001,' McCullough said in a statement. 'The CFTC's report misses the fundamental issue by restricting their analysis to periods before the July 2008 price spike. When the bandit leaves the bank, the money leaves with him.'
Masters and McCullough are among six witnesses scheduled to testify Tuesday before the Senate Energy and Natural Resources Committee, of which Cantwell is a member." -- Christopher Dunagan, Kitsap Sun
August 26, 2008
PSC to rule on Iberdrola request -- Democrat and Chronicle
"Once you have the energy and transmission, there are any number of clever things you can do," said
Robert McCullough, managing partner of McCullough Research of Portland, Ore. "The (PSC) staff is
entirely correct."
July 12 , 2008
Top wholesale power rates leads to jolts
"Robert McCullough... says the energy-only market could tempt manipulation efforts, such as generators withholding power from the grid to narrow the gap between supply and demand and make it more likely a high bid will be accepted." -- Tom Fowler, Houston Chronicle
April 28, 2008
FOX 5 Investigates Power Prices
FOX 5, Washington, DC interviews Robert McCullough about the failures of Maryland's electricity procurement auction.
April 7, 2008
Connecticut Lawmakers Warned of Power Missteps
"As they grapple with consumer unrest over high electricity rates, Connecticut lawmakers were urged by a consultant to create a state power authority to bring down costs and stabilize the energy sector..... Robert McCullough warned against repeating mistakes made in California as well as in the Northeast." -- Rich Nemec, Power Market Today
March 28, 2008
BGE Settlement Settles Little
"As the governor who promised to stop the BGE rate increase and got hammered for failing, Martin O'Malley surely must be happy to get something back for customers. But he might have gotten more.... 'The price is surprisingly high,' McCullough Research wrote. -- Baltimore Sun, Jay Hancock
March 16, 2008
The Power Drain: The Pinch at Home - Many Residents Stung by High Cost of Utilities
"According to a national analysis by McCullough Research for municipally owned utilities, electricity rates in deregulated states rose almost 40 percent, compared with 19 percent in states that remain regulated."-- Washington Post, Kirstin Downey
February 21, 2008
Societe Generale Trader posts record loss on trading scandal, subprime exposure
"Societe Generale's report detailed how the trader Jerome Kerviel offset his real positions in the market by creating fictitious hedged positions that eventually were discovered." -- International Herald Tribune, Nicola Clark
January 10 , 2008
New Study on Missing Benchmark
"The gap between electricity rates in regional transmission states and non-RTO states is widening and the Federal Energy Regulatory Commission needs to reinstate a missing benchmark to analyze the problem, says a new study... by Robert McCullough and Ann Stewart of McCullough Research. " -- APPA Public Power Daily
2007
October 14, 2007
Is energy fox minding the henhouse?
"This month, after revealing that electricity rates could surge 35 percent for residents and up to 43 percent for businesses in 2010, PPL Corp. shrugged off responsibility for the looming hike, saying it does not set prices -- the marketplace does. But the energy industry plays a critical role in policing the power market, which means the fairness of prices depends on the industry's integrity and good faith....At the same time, the Federal Energy Regulatory Commission examines some, but no longer all, wholesale electricity rates to ensure they are 'just and reasonable.'... Experts, however, have put forth a number of reasons why the power market might result in inflated prices.... 'The secrecy in itself is a big part of the problem,' said Robert McCullough, an electricity consultant who advised the Illinois attorney general. 'Anytime you do things in a back room, you have created incredible potential for abuse.'" -- Morning Call, Sam Kennedy
August
8, 2007
Let's see why grid watchdog barked
"Here in Central Maryland we just got a 72 percent electric-price pop. We want as clear a view of our deregulated electricity market as Californians got of theirs after the Enron debacle, and this case looks like it'll help. PJM is the nonprofit Pennsylvania company that supervises the grid and runs the wholesale electricity market from New Jersey to North Carolina. Maryland and other states have sought redress with the Federal Energy Regulatory Commission over claims by PJM market monitor Joseph Bowring that his bosses silenced him when he wanted to report price irregularities and outsized profits at generation companies. They want Bowring's operation made independent. PJM's apparently panicked offer to settle, disclosed Thursday, suggests that some very interesting evidence will surface if the case is pursued .... A lot of people would actually like to see the full set of information" at PJM, says Robert McCullough, an energy consultant who was deeply involved in the Enron case out West. "If we're going to live with this institution the rest of our lives, it's pretty important that we understand what's going on with it." -- Baltimore Sun, Jay Hancock
June 26, 2007
Ex-Enron Customers Win One in Court
"Snohomish County Public Utility District prevailed against Enron -- again -- last week when an
administrative law judge ordered the bankrupt energy giant to disgorge $1.6 billion in illegal
profits made from customers of West Coast utilities. Judge Carmen Cintron also ruled that $157 million in contract termination payments Enron was
seeking from Snohomish were 'unjust profits '.... Robert McCullough, a Portland energy consultant who has spent much of the past four years
working on Enron-related cases, provided one of two accounting estimates of Enron's energy
trading profits used by the judge to reach her $1.6 billion decision. McCullough said that most of
that money came from Northwest consumers and that PGE's customers could be due a sizable
refund. PGE was wholly owned by Enron until April 2006. It has never filed a claim on behalf of
its ratepayers." -- Oregonian, Ted Slicking
April 17, 2007
Rebuilt PSC begins hearings to probe electricity-rate rise
"A reconstituted state utility commission launches today its first investigation of the electric rate increase that stunned utility customers last year and led to the appointment of several new panel members. . . The initiative lumps Maryland with a handful of states stretching from Delaware to Montana that are scrutinizing deregulated energy markets amid a consumer backlash against rising energy costs. . . . The state of Illinois blamed flaws in a similar energy auction for soaring energy process among that state's utilities. The Illinois attorney general filed a complaint last month with federal regulators, asking them to investigate allegations of price gouging among wholesale supplies. The complaint contains testimony from Robert McCullough, an energy consultant who said winning bids were 40 percent higher than prices available in the broader market at the time the Illinois auction was conducted." -- Baltimore Sun, Paul Adams
March 16, 2007
Madigan Blows Whistle
"Illinois Attorney General Lisa Madigan on Thursday alleged there is evidence of bid-fixing and collusion behind the state's skyrocketing electric rates, and she formally asked a federal regulatory agency to reverse those rates and investigate the power suppliers of two major utilities. In a 31-page complaint filed with the Federal Energy Regulatory Commission, Madigan lays out what she says is evidence that last year's power auction involving Ameren and ComEd might have been fixed to ensure that specific wholesale suppliers - including the parent companies of both utilities - got the most lucrative parts of that business. . . . Madigan's office said it worked with a team of experts in compiling the complaint, including Robert McCullough, an expert on electricity trading practices who was involved in the federal investigation into Enron's activities in Western electric markets." -- St. Louis Post-Dispatch, Kevin McDermott
March 15, 2007
Press Release: Illinois Attorney General Lisa Madigan Alleges Price Manipulation in 2006 Electricity Auction
"'Five million Illinois residents are unnecessarily paying electricity prices that are double the actual cost of generating electricity and 40 percent higher than electricity prices in the wholesale electricity markets,' said Madigan. 'We undertook an extensive investigation to find out why the prices produced by the auction were so high. This complaint follows that lengthy investigation of bidding patterns in the auction.' . . . The analysis prepared by Robert McCullough concludes that the high prices produced by the auction are largely due to a lack of competition in Illinois electricity markets -- which U.S. Department of Justice guidelines classify as 'highly concentrated.' He also uncovered evidence that electricity suppliers engaged in market manipulation – driving prices even higher." -- Office of Lisa Madigan, Robyn Ziegler
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2006
September
27, 2006
Report Says Amaranth Trader May Have
Attempted to Corner Market
The article quotes Robert McCullough saying he believes Amaranth attempted to corner the natural gas market and
that the "lack of federal oversight" of energy markets and hedge funds
by FERC, the CFTC and the SEC, and the CFTC is partially responsible. -- NGI's Daily Gas Price Index
July
11, 2006
Consultant
Challenges Economists Over State of Competition
Robert McCullough challenges several economists whose open letter urges policy makers to 'stay the course' on the electric competition. -- NGI's Power Market Today
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Top
June
30, 2006
Economists Express
'Deep Concern' over Wholesale Electricity Prices
Economists Urge
Policymakers to "Stay the Course" on Electricity Competition
COMPLETE
Letter to Secretary Salas which includes Open Letter to Policymakers
McCullough Research Responds
to June 26, 2006 Open Letter to
Policymakers
May 25,
2006
FERC Lawyer
Denies Part in Enron Trades; She says she did not advise on
questionable strategies while working for the energy firm
"A former Enron Corp. lawyer who last month went to work
for the Federal Energy Regulatory Commission on Wednesday vigorously
denied involvement with the company's questionable trading tactics,
after two senators raised questions about her hiring. . . More broadly,
however, [Robert McCullough States] 'the question is not whether Mary
Hain should be indicted,' he said Wednesday. 'The question is whether
it's appropriate for a federal regulatory agency to hire a lawyer who
had such an intimate role with all these people who we know were
committing these frauds.' " -- Los Angeles Times, Jonathan Peterson
May 22, 2006
Gas Price Gouging evidence discovered; Sen.
Cantwell Says FTC Report Leaves Many Questions Unanswered
"Following Monday morning's release
of a Federal Trade Commission (FTC) report on post-Katrina gasoline
price manipulation, Sen. Maria Cantwell (D-WA) renewed calls
for increased oil industry transparency and swift approval of her
legislation to enact a
tough federal ban on gas price gouging. . . In addition to evidence
outlined in the FTC report, a recent report by Portland-based energy
consultant Robert McCullough found oil and gas market anomalies
consistent with a practice known as "wash trading," where simultaneous
transactions
are executed in order to deliberately inflate volumes and revenues.
This tactic was
used by the unregulated Enron subsidiary, EnronOnline, to manipulate
energy
commodity markets."-- U.S.
Federal News
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May 9, 2006
Markets vulnerable to manipulation -
Testimony
Robert McCullough testifies at a Democratic Policy Committee
hearing that "regulating only a few electronic
trading platforms is similar to allowing some travelers to skip
security checks. . . . Everyone becomes less secure if obvious
shortcuts around regulation exist.'" --Megawatt Daily
May 8,
2006
U.S. Senate Dems
Seek Greater Energy Trading Oversight
"At a Democratic Policy Committee hearing on energy
trading, lawmakers said skyrocketing energy prices are reminiscent of
the soaring electricity prices consumers saw in the West during the
2000-01 energy crisis - a time of high power prices, rolling blackouts,
and manipulation by Enron Corp.(ENE)." Robert
McCullough suggests, "Congress
give the CFTC authority to make sure that electronic trading platforms
are registered and regulated." -- Dow Jones International News,
Maya Jackson Randall
May 8, 2006
Senator Cantwell
Hearing on Energy Market
Transparency Exposes Anomalies in Oil and Gas Prices
A press release from the office of Senator Maria Cantwell (D-WA) says, "A new report from McCullough released at
the hearing announced that oil and gas market anomalies exist that are
consistent with a practice known as 'wash trading' where simultaneous
transactions are executed in order to deliberately inflate volumes and
revenues. This tactic was used by the unregulated Enron subsidiary,
EnronOnline, to manipulate energy commodity markets." --
United States
Federal News
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May 8, 2006
Congress
Learns That Enron-Like Market Fraud Still Exists; McCullough Research
Uncovers More Enron Trading Schemes
"McCullough Research will tell a Democratic Policy
Committee oversight hearing today that U.S. gas and electricity trading
is still vulnerable to the market schemes employed by Enron Corporation
during California's 2000-2001 energy crisis. 'Widespread
opportunities for fraud and manipulation exist today, even though most
experts claim California's crisis ended years ago,' says Robert
McCullough, manager of McCullough Research." -- Business
Wire
May 1, 2006
Energy
Crisis Case may set New Rules: Defining Criminal Conduct is at Stake
The article quotes Robert McCullough saying, "'I am
not sure it is even possible to identify [trading] loopholes
beforehand, let alone plug them,' he said. "Simply put, would you shop
at a supermarket where only insiders can check the receipts?'" -- The
National Law Journal, Pamela MacLean
April 19, 2006
Kelliher Questioned About FERC's
Rehiring of Ex-Enron Attorney and the Agency's Recusal and Internal
Communication Policies
"The Los Angeles Times reported on Hain's hiring in its
April 8 edition. 'Hain's 'apparent indifference to corruption seems like
a very poor qualification as a regulator,' Robert McCullough, a former
Portland General Electric executive and energy consultant told the
Times.'"-- Foster
Electric Report
April 17, 2006
FERC staff
defends Enron settlement offer against criticism from Snohomish
and others
"Federal Energy Regulatory Commission trial staff
defended itself last week against harsh criticism leveled at the
proposed settlement it reached with Enron on compensation Enron should
offer to two utilities for market manipulation. FERC trial staff and
Enron on March 10 filed offers of settlement to be made by Enron to the
Public Utility District No. 1 of Snohomish County, Washington, and the
Metropolitan Water District of Southern California. . . . The proposed
settlement from Enron and FERC trial staff would allocate up to $10
million in Class 6 unsecured claims to 'non-settling participants,' as
FERC put it. But that probably would amount to no more than $2.29
million, said Snohomish and Met Water. They reinforced the point with
an affidavit from consultant Robert McCullough. 'According to Enron's
current bankruptcy plan, the Class 6 unsecured claims will be paid out
at the rate of 22.9 cents per dollar. This means the $10 million in
unsecured claims obtained by trial staff … is worth $2,290,000,' said
McCullough, who has worked for several years with Northwest utility
clients."-- Platts
Power Markets Week
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April
16, 2006
Ex-Enron lawyer lands in
federal energy post; Hiring draws fire; scope of her role at failed
firm debated
"At the peak of the
California energy crisis, Mary C. Hain was a lawyer at Enron Corp.'s
Portland, Ore., trading hub where she had a front-row view of practices
that injected chaos into electricity markets and sent rates soaring.
She once scribbled: 'Answer questions, say nothing. Answer questions,
finger others.' Those notes from October 2000 were reviewed later by
investigators looking into market-gaming among the energy traders whom
she advised on legal matters. . . . 'As a lawyer, her knowledge of the
schemes and apparent indifference to corruption seems like a very poor
qualification as a regulator,' said Robert McCullough, an Oregon energy
consultant who has scrutinized the actions of Enron employees during
the troubling chapter of 2000-01." -- Chicago
Tribune, Johnathan Peterson
April 11, 2006
FERC
Spokesman: 'Look at the Facts' in Hiring of Ex-Enron Attorney
"As news broke over the weekend that a former Enron lawyer has been
hired at FERC as a trial attorney specializing in technical rate
matters, a Commission spokesperson on Monday urged skeptics to 'look at
the facts,' and not to attach a 'stigma affecting someone's career just
because of the simple fact they worked at Enron." --
Power Market Today
April 10, 2006
PGE Shares Decline on NYSE Trading Debut
"Despite Portland General Electric's recent stock fall of 5% Robert
McCullough states, 'PGE is a peach of a utility' and 'the utility
itself is in good shape.' This article is not for distribution, please
contact the publication directly." -- Seattle Post-Intelligencer,
Tim Fought
April 8, 2006
U.S. Energy Commission Hires
Ex-Enron Lawyer
Robert McCullough questions
the hiring of former Enron Lawyer Mary Hain by the Federal Energy
Regulatory Commission (FERC). -- Los Angeles
Times, Jonathan Peterson
March 23, 2006
McCullough Skeptical of Texas Market's Validity
Robert McCullough comments on the
Texas Market's lack of transparency, and reminds the readers of past
and current market manipulations. -- Restructuring Today
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Top
February 15, 2006
City
Continues to Dig into PGE's Finances
Robert McCullough was interviewed by
Ley Garnett as part of an article about Portland General Electric and
the City of Portland. Robert McCullough was hired by the City of
Portland as a consultant in this matter. This article is not
available for distribution, please contact the publication for a
copy.
-- Oregon Public
Radio (OPB), Ley Garnett
January 31, 2006
Hunch Becomes a Hunt
PGE's
involvement with Enron and its tax payments ". The goal:
to see if the company’s involvement with improper Enron Corp. energy
shenanigans has fueled a lasting power-rate hangover for Portlanders.
If they find the evidence, Leonard has vowed to bring PGE rates down,
using a long-forgotten city ordinance that surfaced only recently. This
article is not for distribution, please contact the publication
directly. -- The Tribune, Nick
Budnick
January 30, 2006
Enron's Legacy: Scandal Marked
Turning Point for Business World; Impact Felt in Energy Trading,
Lawsuits, Corporate Governance and Regulations
"As Enron's former top executives
face criminal trial
in Houston today, the legacy of Enron -- the most sensational corporate
fraud scandal in recent history -- still ripples through the business
world. 'People are more circumspect because of the criminal
convictions, but we've had very few substantive reforms,' says Robert
McCullough of energy consulting firm McCullough Research. This
article is not for distribution, please contact the publication
directly." -- USA Today, Edward Iwata
January 23, 2006
Portland Signs on Three Experts to
Scrutinize PGE Practices
"Portland officials will dip into funds left over from the failed
attempt to buy Portland General Electric to hire three energy experts
for an investigation of the utility's rate-setting practices. All
are from the Portland area: Ann Fisher, a lawyer and consultant; Robert
McCullough, a nationally recognized expert on wholesale power trading;
and David Jubb, a lawyer and accountant. This article is not for
distribution, please contact the publication directly." --
The Oregonian, Gail Kinsey Hill
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2005
September 28, 2005
Welcome to Gastoria
The argument continues on whether new terminals should be
build on the Columbia River near Astoria. While speculation
rangers from terrorist threats to spoiled views and environmental
concerns few can ignore the rising prices of Natural gas. The
irony to all this is that despite all the hubbub over LNG terminals, we
may not need them, says Robert McCullough, a Portland energy economist
and former PGE executive who has been heavily involved in a number of
high-profile energy fights. This article is not for distribution,
please contact the publication directly. -- Willamette Week, Nick
Budnick
July 28, 2005
Energy Bill Could Lead to More Public
Power
Oregon Public Broadcasting consults Robert McCullough regarding the
potential repeal of the the Public Utility Holding Company Act. "Robert
McCullough: When energy prices become uncontrollable and it's
impossible to audit private companies, the only solution is to find a
governmental alternative. That's why we have municipal utilities all
the way up and sown the I-5 corridor." --OPB, Ley Garnett
July 23, 2005
Power Grid Holds Up as Demand Escalates
Robert McCullough comments on California plant shutdowns and the Stage
2 Emergency declared for Southern California on July 22, 2005. "A
power plant voluntarily shutting down in California in late July is
like Nordstrom closing shop the day before Christmas to paint its
ceilings," McCullough said. The California ISO is criticized for failing in advance to buy reserve power. -- The San Diego Union-Tribune,
Craig D. Rose
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May, 2005
Power Play
In an article about the California energy crisis and Enron's market manipulations, Robert McCullough "warns that the gaming may not be over." -- Portland Monthly, Pamela Maclean
April 4, 2005
One False Move
For years, investing legend David Bonderman could do no wrong. And then
he tried to buy a utility from Enron. Like Enron before it, Texas
Pacific misunderstood how different Oregon is from a place like Texas,
says Robert McCullough, a former PGE executive who is now a utilities
analyst." -- Fortune Magazine, Nicholas Varchaver
March
27, 2005
Grandma Millie, Meet the Detectives: An Unlikely
Team Unmasks Enron
A description of the investigation by Snohomish County Public Utility District No. 1 into market manipulation schemes discovered in taped recordings of Enron traders' conversations. -- LA Times, Jonathan Peterson
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February
14, 2005
Higher power
prices would harm industries here, study says
Robert McCullough comments on the Bush administrations's plan to raise
rates in the Northwest. --
Seattle Post-Intelligencer, Neil Modie
February 14, 2005
Study sees job
cuts in power-rate plan
"The proposed price increase would, in some ways, mimic the effects of
skyrocketing prices witnessed during the West Coast energy crisis of
2000 and 2001, warned Robert McCullough, a Portland-based energy
consultant who prepared the report. McCullough works for a number of
private companies and utilities that buy power from the BPA. The
crisis drove aluminum smelters to shut down and created havoc with the
budgets of local utilities, driving up the bills of ratepayers. With
many of the aluminum factories now gone, the brunt of the proposed
price increases would be felt by other electricity-intensive industries
such as chemical, steel and paper manufacturing, McCullough said.
Oregon also would lose between 20,000 and 30,000 jobs, according to
McCullough. -- The Seattle
Times, Warren Cornwall
February 3, 2005
Script foretells
Enron debacle
"In one of the ironies of the
Enron saga, company officials in February 2001 reviewed a script
created by InnoVision Communications that depicted unscrupulous gas
traders at work. The script even has one-time Enron Chief Executive
Officer Jeff Skilling being handed a subpoena. "In hindsight, the
script is unintentionally humorous," Robert McCullough,
managing partner of Portland, Ore.-based McCullough Research, told
federal regulators in a filing this week." -- Houston
Chronicle, David Ivanovich
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2004
June 5, 2004
Cal-ISO Issues Self-Criticism; State electricity
agency admits in a report to questionable moves during the energy
crisis.
"Robert
McCullough, an energy consultant and a Cal-ISO critic, applauded the
admissions by Cal-ISO, which he described as "a bit of an apology" from
a traditionally secretive group. 'This is a very different document
than anything we've ever seen from the California ISO,' . . . . 'I don't think they were crooked. I think it was a situation of bad
governance, not of bad ethics.' -- Los Angeles Times,
Elizabeth Douglass
June 3, 2004
Snohomish County, Wash., Utility Contends Enron Tapes
Back Case for Refunds
Robert McCullough comments on the effects of Enron's criminal
activities. "There was a set of criminal activities that was so aggressive that
even the dullest and most honest people showed up around the
edges." -- The Seattle
Times, Christopher Schwarzen
February 18, 2004
Analysts like one post-Enron
company; remain skeptical of the other
"The question is how much
economic value exists for these problem children," said Robert
McCullough, a forensic accountant and energy industry analyst who
has combed through some of Enron's convoluted finances. 'In the
absence
of an arm's-length transaction, valuation of these assets is
dangerously speculative.'" -- Associate
Press, Kristen Hays
January 12, 2004
ENRON TRIALS COULD CONCERN PGE CRIMINAL TRIALS OF
FORMER EXECUTIVES MAY SHED NEW LIGHT ON THE PORTLAND UTILITY'S
PAST ENERGY TRADING PRACTICES
The article mentions Robert
McCullough's interest in following the Enron trials. -- The Oregonian, Gail
Kinsey Hill
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2003
December 30, 2003
Enron
loses bid for SEC exemption
Robert McCullough says. "For PGE to argue that it has a major trading operation and is
primarily intrastate at the same time would certainly stretch the
facts". -- The
Seattle Times, Amy Strahan Butler
November 19, 2003
http://www.chron.com/
Robert McCullough comments on the purchase of Portland General
Electric in November 2003. -- Houston
Chronicle, Eric Berger
September 19, 2003
Enron's new revamp plan will pay more
to creditors
The article discusses Enron's amended reorganization plan and speculation about how much Enron's creditors would recover. -- Chicago
Tribune, Bloomberg News
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Top
August 15, 2003
Analysis: Blackout that's sweeping
across the Northeast, Midwest and parts of Canada
Robert
McCullough's appeared on National Public Radio's "Talk of the Nation"
discussing the 2003 Northeast blackout. 'Well, we've been
here before. In 1965, we had a blackout about half this size that
affected the same states and provinces. In that case, Congress
and the Federal Power Commission, what's now called FERC, took several
months to get to the bottom of it. This is not the sort of situation
where you can get on the Web and find an arrow. Someone has to walk
through each piece of equipment in each utility. The timing is
critical. The sheer complexity of it is unbelievable. Unlike the rest
of the world, we have integrated the electric system from Saskatchewan
to Florida, from New Orleans to Montreal, so it's a big machine.' -- National Public Radio, Talk of the Nation, Neal
Conan
February 26, 2003
Prices climb for power on spot market
| Increases may eventually put pressure on retail rates
"Robert McCullough was one of the first people to cite causes of the
2000 energy crisis. Robert McCullough, a Portland-based
energy consultant who was among the first to argue that the market was
rigged during the crisis, said natural gas prices are also being driven
higher by a switch from the use of oil -- whose price has also risen
sharply -- and stockpiling of natural-gas supplies. He agreed that
hydropower is also in shorter supply than usual at this time."
-- The San
Diego Union-Tribune, Craig D. Rose
January 28, 2003
Enron Trial has Captive Audience in
Oregon
"When the capstone trial exploring
Enron's spectacular meltdown begins Monday in Houston, an extraordinary
array of Portland-area residents will closely watch for new insights
into the corporate debacle. Portland-based energy consultant
Robert McCullough, who continues to advise clients on issues related to
the 2000-01 power crisis, also says the high-profile trial could
unloose new trading details."
-- The Oregonian, Gail Kinsey Hill
January 3, 2003
Utilities Resume Power Trading: State ends two year run of electricity buying
Robert McCullough comments on the state of California's energy
market. "Things may get stranger before they get better,
but we are gradually returning to a normal world," said Robert
McCullough, a Portland, Ore.-based utility consultant who has
studied California's power crisis. -- The Oakland Tribune, Daniel Taub
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2002
December 20, 2002
Big-ticket long-term power buy is
upheld
Robert McCullough comments on FERC's obligation to West Coast
consumers.
"This is a situation when we have had energy traders who have pleaded
guilty to wire fraud and energy firms that have settled court charges
for enormous amounts, but FERC cannot find a connection between that
and the overcharges," McCullough said. -- The San Diego Union-Tribune, Dean Calbreath
December 13, 2002
Overcharges in Calif. Estimated;
Energy Firms Faulted, but $1.8 Billion Sum Is Less Than Sought
Robert McCullough says FERC's rulings are scattershot: "We have completely inconsistent rulings from different cases." -- The
Washington Post, Peter Behr
December 9, 2002
Settlement
Reveals Another Enron Strategy The tactic, dubbed 'Thin Man,' comes out
in a proposal between El Paso Electric and Federal
Regulators.
Robert McCullough says: "Thin Man didn't get a lot of use because Fat
Boy and other techniques designed to make the state grid operator think
it was running out of electricity were more profitable". . . . "The premise was to make sure the PX was always short." -- Los Angeles Times,
Nancy Rivera Brooks
November 27, 2002
California Cal-ISO Says Enron Didn't
Force Blackouts
"McCullough characterized Cal-ISO's report as an attempt to spare
itself embarrassment because of miscalculations. 'They wrestled
the gun away from Enron, pointed it at their own feet and started
blazing away'" --Los Angeles Times, Nancy Rivera
Brooks
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Top
November 12, 2002
A Big Victory by California in Energy
Case
"Robert McCullough, who runs an energy consulting firm in Portland,
Ore., that has been investigating the California energy crisis for
major energy users, said that, all in all, Williams appeared to be
getting off relatively lightly. ''The value seems low to me,'' he
said. ''Williams had one of the biggest footprints in California. They
appear all over the place with possible antitrust issues. So I'm not
surprised they'd want to settle.'' -- New York Times, David Barboza
November 12, 2002
Marketplace News
"Robert McCullough recently appeared on nationally broadcasted radio
program "Marketplace" to give his thoughts on California energy
markets. 'The big profits were correlated to market abuses
in California and neighboring regions. Now that the abuses have ended,
no one seems to be able to make a dime.' -- National Public Radio(NPR), Marketplace, Steve Tripoli
October 21, 2002
Brazen Trade
Marks New Path of Enron Probe
The article is about trading manipulations by Enron's Tim Belden. -- Wall
Street Journal, John R Wilke and Robert Gavin
September 25, 2002
Dynegy to Settle Trading Charges; SEC - Gas Deals
misled investors about trading activities
Robert McCullough says "The good news is that one body of the
federal government has investigated the quantity, but we've yet to get
a report on the price issue." -- Chicago
Tribune, Melita Marie Garza
May 7, 2002
Memo Shows Enron Role in Hiking Prices
Electricity: 'Smoking gun' document by company lawyers reveals tactics
that helped create energy shortage in California last year
"It's one thing for
economists to state that these things are happening. . . .It's another
thing for there to be internal documents on the table stating these
things are happening [says Robert McCullough]. " -- Los Angeles
Times, Nancy Rivera Brooks
May 6, 2002
Enron Knew
Foreign Assets Had Declined
Robert McCullough on Whitewing, one the financial creation that was designed to mislead investors-- The Wall Street Journal, Rebecca Smith
May 5, 2002
Interview by Steve Curwood, Living on
Earth
Robert McCullough was interviewed on Living on Earth, regarding his
testimony at the Senate hearings early in the Enron investigation. -- National Public Radio, Living on Earth, Steve
Curwood
February 1, 2002
Memos Show Enrons Hands in California Crisis
Robert McCullough says that, "Enron
traders deliberately tried to create the appearance of shortages and
congestion, prompting declarations of power blackouts that need not
have been called in some cases." -- Washington
Post, Peter Behr
January 20, 2002
How 287
Turned Into 7: Lessons
in Funny Math
Robert McCullough comments on Enron and California: "We Don't
really know where reality sets in at Enron." -- New York Times, Gretchen Morgenson
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2001
June 1, 2001
Commodities Electricity Prices Fall on California
Energy Crisis
Robert McCullough comments about the effects of conservation and "voluntary relinquishing of supplies by companies that switched to market-based rates" in the Pacific Northwest: "Virtually all of the aluminum and titanium
production and half the magnesium has shut. That's 3,000 megawatts of
load, and we've lost a lead smelter, chemical mill and paper mills." -- Dow Jones, Mark Golden
January 31, 2001
Huge Bets paved way to Enron's downfall
Robert McCullough says that Enron "showed some financial transaction going out 23 years, which is preposterous, of course. I call it pricing by rumor." --
Chicago Tribune, Flynn McRoberts
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2000
November 2,
2000
California
Investigators Looking At WSCC Data On Generators
"The California Public Utilities Commission, whose investigation of high
prices in the wholesale power market continues, requested and received
data this week on power production by independent generators in the
state, according to the CPUC's manager of the investigation, Steven
Weissman. The CPUC got the data from McCullough Research, a consulting
firm in Portland, Oregon, which has been claiming that independent
generators have been gaming the system." -- Dow Jones Newswires, Mark Golden
July 26, 2000
Officials Probe
Rising Cost Of Electricity
"Amidst growing concern in the rise in prices, the Western Systems
Coordinating Council refused to share its data on generation and
transmission. Robert McCullough comments 'Either everybody is way, way
off on our forecasts and we're headed for blackouts in August, or
somebody is severely manipulating the market,' Mr. McCullough says.
'The only way to tell is to get this information and sift through it.'"
-- The Wall Street Journal, Rob Eure
February 9,
2000
BPA Plan for Power Lines Gets Static From
Utilities
Robert McCullough evaluates Bonneville Power Administration plans to
create an nonprofit administrative organization to manage high-voltage
electric lines, and the potential to increase costs. -- The Wall Street Journal, Rob Eure
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