More disturbing news about the wholesale electricity markets, which in the wake of deregulation set prices for BGE and other Maryland utilities. One thing that got edited out of the column for space is important: Yes, sky-high prices for coal, natural gas and other fuels play a big part in driving up the cost of electricity. These items fuel the generation plants and are probably the biggest cost factor in producing a kilowatt. But thanks to flaws in the wholesale electricity markets, power sellers are reaping huge profits ON TOP of the high fuel costs. It's a double whammy for consumers. High fuel costs don't explain everything.

The column:

Call me cynical, but it sure seems like Edison Mission Marketing & Trading had something to hide.

After regulators began investigating the Boston-based electricity seller in 2005, Edison Mission misled them with "protracted" evasions, wasted "extensive" amounts of their time and committed "severe" violations of its duty to tell the truth, the Federal Energy Regulatory Commission said two days ago.

Serious stuff, and you might think FERC is finally policing the wild and woolly electricity bazaar. But here's the problem: The agency has said nothing about the troubling Edison Mission behavior it set out to investigate, which independent consultants say looks similar to price-manipulation schemes employed by Enron and others.

La di dah. More problems on the "PJM" wholesale electrical grid, which sets sky-high prices for BGE and other utilities, thanks to deregulation. Another wimpy gesture by FERC. And Exhibit No. 3,458 showing that the electricity "market" that was supposed to deliver competitive prices doesn't fit that description and hasn't fulfilled that promise.

Read the whole thing here.