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Pastimes : The California Energy Crisis - Information & Forum

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To: deepenergyfella who started this subject	12/24/2002 9:27:31 PM
From: gwb-trading	of 1715

California Utilities to Buy Power Again Tuesday December 24, 3:29 pm ET California's Three Largest Utilities Are Set to Resume Buying Power Jan. 1 Associated Press biz.yahoo.com SAN FRANCISCO (AP) -- California's three largest utilities are set to resume buying power Jan. 1 after a federal judge cleared the way for bankrupt Pacific Gas and Electric to return to the market. U.S. Bankruptcy Judge Dennis Montali's approval of the plan Monday came a few days after California regulators authorized PG&E, Southern California Edison and San Diego Gas and Electric to begin buying power for the first time in nearly two years. California's Department of Water Resources stepped in for the utilities in February 2001 to reassure energy wholesalers that their bills would be paid as the state's energy crisis mounted. The credit ratings of the utilities sank as soaring power costs consumed their finances, forcing the state to purchase wholesale energy. The crisis drove PG&E into bankruptcy court, where all its major business decisions have required approval since April 2001. With Montali's blessing, PG&E can now post the deposit required to resume buying power. Montali authorized a deposit of up to $150 million. The managers of California's power grid expect PG&E to deposit at least $56 million. The utility isn't disclosing how much money it's posting as collateral, PG&E spokesman Ron Low said. PG&E expected to make the deposit Tuesday. Because of new rules that allow utilities to use the power generated by their own plants, the companies won't be buying as much electricity on the open market as they did in the past. The spot market is expected to supply just 2 percent of the utilities' needs, down from about 30 percent before they left the market. Pacific Gas and Electric: pge.com Southern California Edison: sce.com San Diego Gas and Electric: sdge.com

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