Title: The Regulatory Treatment of Mistakes in Retrospect: Canceled Plants and Excess Capacity
Abstract: In the 1970's, firms in the energy industry concluded that they had a duty both to the public and to their stockholders to make investments in large new facilities, such as nuclear generating plants, plants to convert coal into pipeline-quality synthetic gas, terminals to receive and regasify imported liquefied natural gas, and pipelines to transport natural gas from frontier areas.With substantial encouragement from both federal and state governments, 1 they committed billions of dollars to '07 See supra