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To: Raymond Duray who wrote (182)2/19/2001 10:35:09 AM
From: Win Smith  Read Replies (1) of 51716
 
I haven't been following the California situation real closely, but I heard a bit in the news about some of the auditing being done now. One of the big 2 utilities (the southern one, not PGE) had done the typical holding company maneuver where under deregulation, it had split into distribution and generation companies, both apparently still under the same ownership/control. The distribution company was of course showing big losses and claimed to be on the verge of bankruptcy. Lo and behold, the huge profits of the generating arm just happened to almost exactly cancel out the huge losses of the distribution arm.

I don't know how deregulation happened in Cal. , but I know how it worked in my home state. The deregulation legislation was for the most part written by lobbyists for the utilities being deregulated, and I expect it was done pretty much the same way there, just on a large scale. I predict somebody's going to walk away with a boatload of money at taxpayer expense in California.

-Win.
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