I hope that my testimony today will convince the Members of the Subcommittee that competition and deregulation can, indeed, lead to positive results. The situation in California, when contrasted with Illinois and Pennsylvania, clearly shows the importance of doing it right. As the Members of this Subcommittee contemplate their legislative agenda for the new Congress I would encourage you to think about an electricity supply initiative. It is vitally important that we have adequate electricity supplies to serve a healthy, growing economy. It is also vitally important that we have robust, healthy, wholesale electricity markets.
Most observers believe that the retail market issues are best addressed by State authorities.
However, the wholesale market issues are clearly the responsibility of Congress and other Federal officials. Action on both fronts is long overdue and would facilitate the development of more robust, competitive wholesale markets to the benefit of all consumers. Bookmark not defined. 2 Electric Power Annual 1999, Vol. Bookmark not defined.