Calif Controller:State Behind On Long Term Contract Buys Updated: Monday, May 
21, 2001 02:59 PM ET 
LOS ANGELES (Dow Jones)--California State Controller Kathleen Connell said 
Monday that she anticipates the state will need to issue $4 billion in 
revenue anticipation notes in February, because a $13.4 billion revenue bond 
issue in mid-August will not be enough to cover power purchases. 
The state is likely to spend more on spot market purchases than the 
administration has anticipated because the price of summer power will be 
higher than expected and because the state has secured fewer long-term 
contracts than expected, she said. 
"The administration projected we'd spend $925 million for long-term contracts 
in the first six months (of 2001). We've now spent only $36.4 million on 
long-term contracts of a total $5.1 billion spent on energy purchases - less 
than 1%," Connell said. 
It is unlikely that an additional $890 million in long-term contracts will 
flow through her office in the next five weeks, Connell said.