British utility owns failed power grid

[NNN0LHI]

http://news.independent.co.uk/world/americas/story.jsp?story=434095

The New York power grid, which collapsed, plunging millions of Americans into darkness, is owned by the British utility National Grid Transco.

Shares in the company fell sharply in early trading yesterday as fears mounted that the blackout across the Niagara Mohawk transmission system would leave National Grid Transco facing multimillion-dollar compensation claims.

At one point shares were down by by 5 per cent, wiping almost £600m off the value of the company. But the shares recovered some of their losses later in the day after reports that the cause of the blackout may have been the collapse of several major transmission lines in the US Midwest, which are not part of the Niagara Mohawk grid.

A National Grid spokesman said its US arm had insurance cover but he refused to comment on whether it was likely to face claims from businesses, public services and householders who were affected by the blackout. He said: "If customers file claims against us then we will investigate them on a case-by-case basis."

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[Unknown Known]

1. Check the spike in trading on Wed

http://finance.yahoo.com/q?s=NGG&d=c&k=c1&a=v&p=s&t=5d&l=on&z=m&q=l

And from the chart, it looks like it lasted up until midday on Thurs.

[DUreader]

2. And a Brit. company had suspicious stock purchases 4 hrs before blackout

hmm...

[joeybee12]

3. Greg Palast brings this up in a post earlier

An interesting read if it's still around.

[Vitruvius]

6. LINK to Palast's article: Power Outage Traced to Dim Bulb in White House:

http://www.commondreams.org/views03/0815-07.htm It's an EXCELLENT article and well worth reading.

Also, 'realFedUp' started a thread in "Editorials and Other Articles": http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=103&topic_id=6146

[inthecorneroverhere]

7. Go TVA!

Good to see FDR mentioned in the article. By the way, TVA ran strong all through this mess.

I wasn't too happy about the gratuitous criticism of a nuclear plant just for being a nuclear plant, but Palast's reminiscenses of Roosevelt and his contribution to the development of the electrical infrastructure were superb.

Let's give a big :loveya: to the good folks at TVA who have kept the juice flowing all through the rivers and hills of the east central and some south-east states. Let's remember that TVA was an entity that was based on the developmental mind of Franklin Delano Roosevelt! Let's remember the prosperity that it has brought to a region that was once very poor.

Dem's should return to their roots that promoted building of infrastructure that lasts for generations.

[goforit]

4. How much money does Tony Blair have invested in this company?

If so, do you think he was doing a favor for Bush?

Could this have been intentional?

[NNN0LHI]

5. Tony Blair vouches for them

http://www.ngtgroup.com/foundation/what_we_do/

"This is a company that takes an interest, wherever it operates. I have seen their work for myself, providing chances and opportunities for people who do not have them."

Rt. Hon Tony Blair, Prime Minister
Speaking at the launch of Transco Green Futures

[aquart]

8. WHY does a British company own American power?

Of all the stupid things I can think of, selling off a nation's energy resources to a foreign power has got to be right up there on top of the list.

[lindashaw]

9. Brit owns more than a power company...

Unless I'm mistaken, they also own a huge reservoir out in the desert west somewhere.

[NYC]

10. They want to sell water to foreigners,

and in some places in the U.S. may already have done so. Privatization.

[hedda_foil]

11. And where in the world was Spencer Abraham when the grid went down?

Nah ... it must be a coincidence that he was from London and that they're now tracing the source of the problem to Michigan, his very own state.

Nah ... my tinfoil must be wound to tight again.

[PATRICK]

12. Sounds like "rolling blame"

Can they keep moving the pea and the shell with so many energy workers looking for the cause? Are we THAT incompetent top down in this whole sorry privatized fiasco?

Calling George Tenet.

[MaverickX]

13. we shouldn't be buying power..

From foreign services.