LAST month, the Energy Regulatory Commission (ERC) announced that it would begin a review of the secondary price cap, a mechanism applied in the Wholesale Electricity Spot Market (WESM) that is meant to keep electricity prices from rising to excessive levels. The announcement was welcomed by the electricity sector, because even though it is recognized that steps to keep consumer electricity prices from skyrocketing are beneficial and probably necessary, the secondary price cap might create more problems than it solves.

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