Winter in the Great White North Message Board

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Strategies & Market Trends : Winter in the Great White North

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To: Condor who wrote (51)	1/5/2001 1:42:45 PM
From: Greg from Edmonton	Read Replies (1) of 8273

Here's an update, with relevant excerpts: dailynews.yahoo.com ``What we're hearing is that Bank of America has unsecured loans to the utility companies out West,'' Ray Remy, head bond trader at HSBC Securities, told Reuters. Bank of America was the bank ``most involved in the recent loans to utility PG&E Corp.'', Merrill Lynch analysts said on a conference call on the issue on Friday. California's two biggest utilities -- PG&E Corp.'s (NYSE:PCG - news) Pacific Gas & Electric and Edison International's (NYSE:EIX - news) Southern California Edison (news - web sites) -- have seen their stock prices tumble recently as investors fear they cannot pay their bills. The utilities say they are on the edge of bankruptcy after running up more than $8 billion in soaring wholesale power costs that they cannot collect from their customers because retail rates are frozen under a 1996 state law deregulating the California electricity market. The article seems to indicate the root cause to be the electrical utilities in California. It could be yet another indication that distributed power generation will be welcome in assisting the overburdened power grid. I don't like to appear to spam other threads, but it could eventually mean good news for one of my favourite stocks. Although right now the problem seems too large for a quick solution, and most all stocks have been affected by this recent slump.

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