News & Events

Good morning. I’d like to thank Commissioner Ervin for inviting me here today and also thank NARUC for its leadership and hard work over the years in the area of used nuclear fuel management.

Under the leadership of the Nuclear Issues Subcommittee . . . as well as the dedicated leadership of Jimmy Ervin, LeRoy Koppendrayer, Jim Sullivan and others, NARUC has served as a faithful guardian of the consumer’s interest and the billions of dollars paid into the Nuclear Waste Fund.

Thirty years ago, America was in the grip of an energy crisis. The price of crude oil was at an all-time high. Supplies of natural gas appeared to be running short because 20 years of federal price controls on the interstate natural gas market was stifling production. We addressed these price and supply risks by investing in new technology and building significant new coal-fired and nuclear capacity.

Today in 2004, the energy landscape is much the same. The price of crude oil is at, or near, an all-time high. We’re placing pressure on natural gas supply, and experiencing extreme price volatility and the prospect of sustained elevated prices. We are meeting new demand in the power sector through what’s called “demand destruction” among industries that use natural gas as a feedstock.

It is imperative that we must address today’s energy challenges just as we managed the crisis of 30 years ago – by investing in our electricity infrastructure.

Ladies and gentlemen, you have a key role to play in this enterprise owing to your special expertise in ensuring native load and preserving energy diversity.