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Pastimes : PROPAGANDA
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To: Carolyn who wrote (241)1/7/2001 10:50:21 PM
From: Ilaine  Read Replies (2) of 318
 
I haven't seen Erin Brokovich yet, but I intend to. Steven Soderberg (sp?) is a good director. I am looking forward to Traffic.

In nutshell - certain parts of California have an electricity shortage because there is a cap on rates and the suppliers can't supply those areas without losing money because what they are charged is more than they can charge the customer. The costs to the supplier are high because there aren't enough power plants in California, which hasn't been a problem until recently when demand got stronger, and the other states which have been selling electricity to California also had high demand so they didn't want to sell their electricity. And they didn't stockpile enough natural gas and it takes time for the natural gas to cross the continent because the Californians don't like pipelines. And there was less rain so the hydro plants aren't putting out as much.

Frankly I wouldn't care, but rumors are going around that what freaked out the Fed and made it cut rates last week was the possibility that PG&E and South California Edison may file Chapter 11, default on their loans, and stiff their banks.

As a fan of the free market, I have been enjoying reading about the so-called "deregulation" of the California electricity biz - it's even more regulated than it was before. The Californians were so afraid that the power companies would make too big of a profit that they set up a system that worked worse than what they had before when the state was in charge of setting prices.
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