Strictly: Drilling and oil-field services Message Board

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

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To: Olaf Koch who started this subject	1/20/2001 8:56:52 AM
From: Second_Titan	Read Replies (1) of 95453

FERC Chmn Drops Effort To Resume Calif Pwr Contract Talks Dow Jones Newswires WASHINGTON -- The U.S. Federal Energy Regulatory Commission's acting chairman abandoned an effort Friday evening to reinitiate settlement conference negotiations on long-term power sales contracts for California's ailing power market. Curtis Wagner, FERC's chief administrative law judge, said the talks between California officials and Commission Chairman William Massey concluded that "the time's not right" to reinstate the settlement conference. Given the ongoing negotiations between state policymakers and power providers, and the legislative debate on energy legislation, officials concluded that restarting the FERC proceeding would be "confusing at this time," Wagner said. Wagner had anticipated issuing an order Friday convening new settlement talks Monday. The settlement conference was established by FERC's Dec. 15 order restructuring California's failed power market. The long-term fixed-price contracts were a key element of the order, in which FERC aimed to move the state's utilities from reliance on volatile spot markets for power purchases. Wagner suspended the settlement conference earlier this month after the White House began brokering talks involving California Gov. Gray Davis and key state officials, top Clinton administration officials, the state's utilities, and power producers and marketers. The White House has since washed its hands of the process, and talks between Davis and power producers have been stymied over the governor's demands that the supply contracts be entered into at prices below the costs of production. State lawmakers are working on legislation that would allow the state Department of Water Resources to enter into the power-purchase contracts on behalf of the state's financially battered utilities. Edison International's Southern California Edison Co. (EIX) and PG&E Corp.'s Pacific Gas & Electric Co. (PCG) have bled some $12 billion in recent months purchasing high-priced wholesale power in state-sanctioned spot markets while prevented from recouping their costs due to a state retail rate freeze.

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