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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: que seria who wrote (83351)	1/3/2001 3:21:48 PM
From: gamesmistress	of 95453

The latest on the CA utility rate increase, from RealMoney.com: Christopher Edmonds California 1/03/01 3:15 PM ET Speaking of rates, our earlier analysis of expectations from the California PUC appears to have been right. The draft order calls for rate increases of between 8-15%, depending on customer status. That is clearly not enough to satisfy the California utilities or their investors. As we said earlier, the utilities would sell off on news from the CPUC and they have. After being up close to a point this morning, PG&E (PCG:NYSE) is down $1.13 to $18 3/8 and Edison International (EIX:NYSE)is down $1.75 to $13.25. Clearly, the market is beginning to seriously consider the risk of default. The rate hike also isn't likely to satisfy ratings agencies either. Hence, anticipate ratings changes from S&P, et. al. in the coming days. And, I would also expect some sort of formal reaction from the utilities before the end of the week. As we said last week, the situation in California is getting worse before it gets better.

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