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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: jlallen who wrote (28813)	8/10/2000 10:09:35 AM
From: DMaA	Read Replies (1) \| Respond to of 769667

Here's a great example of why politicians CAN NOT be allowed to run the economy. California power consumption is surging. Supply is growing infinitesimally. Grey Davis's solution? Order the utilities to cut rates 50%. Hear that sucking sound? It's the sound of capital rushing to California to build power plants. California's Governor Orders Regulators To Slash Electric Rates in Southern Areas By ANDY PASZTOR and JASON LEOPOLD Staff Reporters of THE WALL STREET JOURNAL Gov. Gray Davis ordered California utility regulators to immediately slash electricity rates in southern parts of the state by about 50%. The move threatens to ratchet up the political debate over high power prices and could end up pitting California against federal regulators. If the appointed Public Utilities Commission approves such a rollback, typical residential electric bills for some 1.1 million customers would shrink to about $55 a month from the current $122 level, according to Sempra Energy's San Diego Gas & Electric Co. unit. Rates have nearly doubled in the past three months. The governor's plan also would essentially freeze rates for the next two years. interactive2.wsj.com