Electricity transmission by law became a common carrier business late in the first Bush Administration. The first open access tariffs began to appear around 1995. The California Power Exchange was right around the corner.
Pasha launched Megawatt Daily in 1996 under Joan Henderson's watchful eye. Randy Rischard was responsible for the editorial coverage and I handed the prices and market stories.
The company was very successful in selling Megawatt Daily and Gas Daily to the same trading companies.
The flow of electrons on the grid is more complex than the flow of methane on a pipeline. Our market sources gave us a good education in that, along with fuel dispatch decisions.
Value at risk in power trading was greater than in gas trading. The weak credit position of one marketing company caused eight figure losses in 1998 and 1999 at some well-known firms. Randy Rischard organized our coverage and submitted our work to the Newsletter Publishers Foundation contest, and accepted the award for "Best Interpretive or Analytical Reporting" at the annual conference.
By that time the company had been sold the Pearson
Group, and was called FT Energy, for Financial Times. They hardly knew we were part of the product suite.