Clowns Enliven Annual PJM Circus

I've been trying to keep my nose to the ol' grindstone and ignore the calliope music coming from PJM's "Annual Meeting" in Atlantic City.  But it's really hard to ignore it when a clown scampers across your computer screen before you've even had your morning coffee.

I started my day today with the latest issue of RTO Insider.  I figured it went well with coffee and would be a pleasant way to wake up before going back to work on something that matters.  I love RTO Insider almost as much as chocolate donuts!

Oooops!

Bowring, Gates’ Consultant Spar over PJM Traders’ Obligations on Loopholes

ATLANTIC CITY, N.J. — To shake or not to shake the Money Tree?

That was the question Independent Market Monitor Joe Bowring posed during his Year in Review presentation at PJM’s Annual Meeting last week, setting off a lively debate with one of the consultants that Richard and Kevin Gates, enlisted in their high profile defense against market manipulation allegations.

“If the rules are imperfect, is it OK to do anything not explicitly prohibited?” Bowring asked.

He quickly provided his own answer. “It is not permissible,” he said, citing what he called the “duty” of market participants to inform RTO officials and federal regulators of such “money trees.”

Is this rule supposed to apply equally to every entity FERC regulates?  Doesn't Bowring realize that utilities routinely exploit "unclear" rules in order to pocket a little extra scratch?  If regulated utilities had a duty to report all their "misinterpretation" money trees to FERC, we're going to need a couple more hotlines.  Of course, if the utilities are so busy self-reporting all their shakes (or kicks, flicks, and karate chops) of the "money tree," they might not have time to "accidentally" misinterpret any rules that result in a profit for their shareholders, would they?  Or will they simply have to hire new monkeys to shake the tree, while the old monkeys watch and phone in a report to FERC's hotline?

Utilities large and small routinely interpret FERC rules in incorrect and bizarre ways in order to squeak some additional profit from them.  Except FERC never fines its utility pets $30M when they get caught breaking the rules.  It's all giggle, giggle, hush, hush, slap my wrist, I promise to be good if you overlook this little "misunderstanding."  FERC needs to tighten that shit up and adopt Bowring's "Money Tree Methodology" for everyone!

I do so admire Bowring's enthusiasm.  You go, sport!  I hear there's going to be a vacant spot on the Commission soon!  Maybe you should be Chairman?

What do you suppose caused Bowring's money tree epiphany?  Do you suppose he participated in the "Spa Toccare"* leisure activity in order to relax and clear his mind before giving his report to the membership?

Whatever you do, don't click on the clown picture above.
No, don't do it!

Well, that would explain things then.  Thanks a lot, Joe, for making me snort with laughter before the coffee was even ready to drink.

*Dedicated to undoing the effects of your day, Spa Toccare offers relaxing treatments guaranteed to exhilarate. Here, tensions melt, knots disappear, skin glistens and eyes sparkle. A new you emerges just in time to wave bye-bye to your worldly cares.