The governors agreed that transmission lines in the West need to be improved so it's easier to move electricity from state to state when supplies are tight. Most of the governors also agreed on price caps. They want the Federal Energy Regulator Commission to temporarily impose caps on wholesale electricity prices until a longer term solution can be worked out. But FERC's Chairman Curt Hebert said that is not going to happen. Price caps stifle competition.
Price signals are necessary in retail as well as wholesale markets.
Markets that are artificial and artificially created by caps and controls will not bring in new supply or new infrastructure, thereby given reliable energy and reasonable prices. One of Hebert's colleagues on FERC, William Massey, disagreed strongly. Consumers are losing faith in competitive markets. The American people will turn their backs on competitive markets if they are constantly volatile, unpredictable, and not producing reasonable prices. For these markets to endure, consumers must have confidence that they are producing fair prices.