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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Douglas V. Fant who wrote (81384)12/12/2000 5:23:41 PM
From: excardog  Read Replies (4) of 95453
 
Douglas

The government is always there to rain on the parade:

Kaiser Disappointed Richardson Wants Its Power Sale Halted


Dec. 12-MAR--

--Kaiser says BPA contract gives it the right to sell power

By Melanie Lovatt, BridgeNews
London--Dec. 12--Kaiser Aluminum Co. is "surprised and disappointed"
by U.S. Secretary of Energy Bill Richardson's criticism of the company's
move to temporarily close its U.S. Northwest smelters and resell its
power, company spokesman Scott Lamb told BridgeNews. "Our contract with
the BPA is crystal clear--we have the right to sell power," he said.
* * *
Richardson has instructed Bonneville Power Administration to explore
all necessary actions to prevent Kaiser Aluminum from re-marketing the
power and criticized the company for taking advantage of high market
prices for electricity in the Northwest (Story .20216).
The Kaiser spokesman said that the BPA had approved previous sales,
which have been in full compliance with the BPA contract. "Kaiser will
continue to provide wages and benefits which is in full compliance with
the collective bargaining with the union," he said.
When it announced the cuts in production earlier this week, Kaiser had
said that eligible hourly employees would get continued compensation in
accordance with its labor agreement, including up to approximately 70% of
an employee's base wage for a period of time determined by length of
service.
They will also receive medical benefits and continued credit for
pension service during the anticipated curtailment period. About 400
hourly employees are affected by the expected 10-month curtailment.
Kaiser noted that the Northwest needs energy to cover its deficit and
the power sale will therefore benefit the region and its residents. End
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