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Gold/Mining/Energy : Gold Price Monitor
GDXJ 97.99+0.3%4:00 PM EST
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To: Bruce Robbins who wrote (62528)1/6/2001 10:57:55 PM
From: goldsheet  Read Replies (2) of 116753
 
> situation in California is getting ridiculous- imagine thinking that the power companies should declare bankruptcy

When the legislature forced utilities to divest generation capacity they created a state government monopoly (ISO) that utilites had to buy their power from. They could not buy directly from out-of-state producers, sign long term contracts, or uses hedges (caps, floor, collars, etc.. ) It is most ironic that those evil forward sales and hedges could have prevented the current California power mess.
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