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Strategies & Market Trends : John Pitera's Market Laboratory
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To: John Pitera who wrote (3532)3/22/2001 12:52:57 PM
From: John Pitera  Read Replies (2) of 33421
 
Arnold for Governor... he'll work to protect you -g-

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Christopher Edmonds
California
3/22/01 9:55 AM ET
Want to know how much power is really costing in California. While Gov. Davis and the Dept. of Water Resources have been unwilling to release detailed data regarding prices the state is paying for power, here's a hint.

California controller Kathleen Connell has refused Davis' request to transfer $5.6 billion to a special fund for energy purchases. She says there is no clear indication the state will be reimbursed and she also says the state budget surplus is being depleted by the state's purchases of power. The California budget surplus has declined from $8.5 billion to $3.2 billion in the past few months.

Still no rate hikes? That may only be a "Gray" area now. Members of the Cal Assembly, including well-known Democrat Fred Keely, are beginning to think otherwise. Keely said late Tuesday he thinks a rate hike of about 15% are likely going to be necessary.

Now, maybe, we're getting somewhere.

By the way, a report surfaced yesterday from the DWR that indicates California has contracted for only about 1/3 of the necessary power to make it through the summer, much less than originally thought. And, it isnt clear that the amount represents firm contracts. Many power generators have only memorandums of understanding with the state until they resolve past payments due.
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