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To: marginmike who wrote (84814)	10/26/2000 12:07:00 AM
From: S100	Respond to of 152472

Re Factories use electricity, those prices were up 30% in San Diego this year Think you may be off by at least one zero. I have talked to some in the SD area that claimed the Electric Bill this year was 6 times larger than last year. California is "state of the art" in deregulation. I went to a hearing by the PUC about 5 years ago. After listening to the presentation and reading all the documentation they handed out, I sold all my California Electric Utility stocks. ------- A 1996 deregulation law, backed largely by industrial ratepayers who wanted cost breaks and utilities who wanted out from under regulation, sought to open up California's electricity industry to competition. The law obliged the state's three large investor-owned utilities to sell off their generation and buy power on the open market by March 2002. Two of those companies -- Pacific Gas and Electric and Southern California Edison -- absorbed $5 billion in losses since the spring because of skyrocketing wholesale prices and a rate freeze that prevents them from passing on those costs. They are pressing to have the freeze lifted. The third company, San Diego Gas and Electric, which serves 1.2 million customers, earlier completed its transition to deregulation. Its rate freeze was lifted and it passed on the spikes in wholesale electric costs to its unhappy customers, whose bills doubled and tripled.