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Strategies & Market Trends : Stock Attack -- A Complete Analysis

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To: Chris who started this subject	1/10/2001 8:25:43 PM
From: Square_Dealings	of 42787

Richardson rejects order forcing power into California -this should get interesting starting tomorrow! Lights out dudes WASHINGTON, Jan 10 (Reuters) - U.S. Energy Secretary Bill Richardson will not extend an emergency order mandating that electricity generators and marketers sell power to California, saying the state failed to show it was conserving electricity as required, an Energy Department spokesman said Wednesday. "The secretary has not extended the order, it will lapse at midnight (Thursday) because Gov. Davis failed to certify that the state reduced demand by 5 percent. The state failed to enact conservation measures," the DOE spokesman said. The move by Richardson comes the day after he spent seven hours in marathon talks with California Gov. Gray Davis and two dozen federal, state and power industry officials to settle on a solution for the ongoing California power crisis. Those talks continued on Wednesday at a lower "technical" level. Generators have refused to sell electricity to the two largest utilities in the state -- Pacific Gas & Electric <PCG.N> and Southern California Edison <EIX.N> -- since the firms are nearly bankrupt and would not be able to pay for the power supplied to the utilities. Richardson ordered the generators in mid-December to sell the state power, and extended the orders until Wednesday's refusal. The utilities say they are on the edge of bankruptcy after running up $12 billion in soaring wholesale power costs that they cannot collect from their customers because retail rates are frozen under state law deregulating the California electricity market. PG&E on Wednesday asked Davis to provide emergency aid so it could pay for natural gas for providing its customers power. 19:02 01-10-01

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