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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: flatsville who wrote (62865)1/30/2001 9:29:25 AM
From: flatsville  Read Replies (2) of 436258
 
This ain't gonna go over well with CA users:

dailynews.yahoo.com

The audit showed SoCal Edison has lost about $4.5 billion because of skyrocketing wholesale electricity costs.

Davis believes the audit supports his contention the state can help Edison and Pacific Gas & Electric Co. out of the crisis without a further rate increase for customers, spokesman Phil Trounstine said.

A similar audit of PG&E was to be released Tuesday.

Critics pounced on the audit as proof of SoCal Edison's fiscal irresponsibility, while the utility said the document verified its dire warnings that the company faced imminent bankruptcy.

SoCal Edison and PG&E claim to have lost a total of $12 billion since June due to soaring wholesale electricity costs associated with the state's 1996 industry deregulation law which bars them from passing those costs onto customers.

Critics pointed to figures showing SoCal transferred nearly $5 billion in dividends to its corporate parent, Edison International, between Jan. 1, 1996, and Nov. 30, 2000. They argue that money would have paid for soaring prices for wholesale electricity during a time of near-constant shortages.

``Basically they took the money and ran. Had they not done that they would not be in the financial problem they are in,'' Senate President Pro Tem John Burton said.

But KPMG, which reviewed SoCal Edison's finances at the request of the state Public Utilities Commission (news - web sites), found nothing unusual about the payments the utility made to its parent company. Profitable companies routinely pay dividends to their corporate owners.

In the five years covered by the audit, Edison International paid its shareholders $1.6 billion and spent an additional $2.7 billion repurchasing the company's stock, a move that also benefited shareholders.

Also, the two week emergency order on generators to sell to CA ends 2/6. Dumbya promises TL and has stated no further extensions of the order. Mark your calendars.
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