de nada

-----Original Message-----
From: Linnell, Elizabeth 
Sent: Tuesday, October 09, 2001 10:50 AM
To: Dasovich, Jeff
Subject: RE: California bullets


Fab, thanks!

-----Original Message-----
From: Dasovich, Jeff 
Sent: Tuesday, October 09, 2001 9:25 AM
To: Linnell, Elizabeth
Subject: California bullets


Elizabeth:
Let me know it this works, or if you need anything else.
 
Best,
Jeff
*********************************************************************
Fallout in California
 


PG&E remains in bankruptcy 

The company's proposed plan of reorganization places the bulk of its gas and electric assets under FERC jurisdiction, leaving distribution under control of the California PUC


The California PUC and Edison reached agreement designed to keep Edison out of bankruptcy

On the heels of a failed legislative effort to return Edison to solvency, the California PUC has agreed to a rate plan to permit Edison to pay its creditors


The Davis administration still can't agree on a plan to use utility rates to reimburse the State's General Fund and pay for long-term power contracts

California used about $12.5 billion of taxpayer dollars to buy power on behalf of the state's cash-strapped utilities and signed more than $45 billion in long-term contracts

Unless California devises a plan to finance its foray into the energy business, California could turn its energy crisis into a fiscal crisis


California suspends the only successful piece of its failed restructuring scheme--customer choice

Fearful that customers will find better prices for power than it can provide, the State decided to temporarily suspend Direct Access in California and force customers to remain with the utility

The suspension is very controversial, prompting market participants to threaten litigation in the attempt to get Direct Access reinstated in California