NYMEX Chairman Urges Administration to Act on Electricity Legislation

New York Mercantile Exchange Chairman Daniel Rappaport, at a press conference held at the White House to announce the Administrations proposed electricity deregulation legislation urged Congress and the Administration to work together to introduce 'competition and choice' to the national electricity market. Mr. Rappaport commended the Administration for its efforts and said that the Exchange looks forward to working with both Congress and the Administration in bringing the benefits of free markets to the nation's electricity consumers. Mr. Rappaport said, 'Based on two decades of experience in bringing competition, efficiency, and price transparency to energy markets, the Exchange strongly advocates cooperation between the Administration and Congress in creating a seamless national electricity marketplace. Residential and industrial consumers of electricity will pay the price if Congress and the Administration fail to take this opportunity to act. The economic and logistical inefficiencies of the nation's electricity transmission system, caused by a patchwork of state regulations and a lack of uniform market practices, can only be addressed by federal legislation to foster competition on a national scale.'