Companies like free markets. Until the moment they do not. In an extraordinary criminal complaint last week, a top Ohio legislator and four others were arrested by federal authorities and accused of illegally collecting $60m in political contributions. The purpose of the money: helping to bail out the nuclear power industry. Ohio was one of several states that deregulated power generation, allowing companies to sell electricity based on market prices. Nuclear power plants cost billions of dollars and require years to build. In the past decade, wholesale power prices have fallen sharply and unexpectedly because of plentiful production from inexpensive natural gas and increasing contributions from renewable sources such as solar and wind.
FT 28th July 2020 read more »