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Pastimes : Home on the range where the buffalo roam -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (7616)	12/16/2000 6:33:02 PM
From: mishedlo	Read Replies (1) \| Respond to of 13572

More info. This from John on SI. It's disconcerting to see 5 debt downgrades by Moody's for every upgrade, and even the BoE (Bank of England) is sounding alarms about the massive debt in the telcom companies. John

To: mishedlo who wrote (7616)	12/16/2000 8:29:22 PM
From: mishedlo	Read Replies (1) \| Respond to of 13572

Kaiser shuts down aluminum plant because cost of energy is too high for them to make aluminum with. Sends workers home. Resells electricty on the spot market ========================================================= WASHINGTON, Dec 13 (Reuters) - Kaiser Aluminum Corp. (NYSE:KLU - news) said on Wednesday it intends to resell surplus electricity despite U.S. Energy Secretary Bill Richardson's efforts to block the plan. Richardson on Monday ordered the Bonneville Power Administration, from which Kaiser buys electricity, to ``explore all necessary actions'' to prevent Kaiser from re-selling the power it would not need after temporarily shutting down some of its smelter operations in the Pacific Northwest. ``We are surprised and disappointed about the statement (from Richardson),'' said Kaiser spokesman Scott Lamb. Lamb said the company's contract with Bonneville was ``absolutely crystal clear'' and that Kaiser plans to begin re-selling 190 megawatts of power daily beginning next month and continuing through September. Richardson said Kaiser is trying to take advantage of high market prices for electricity in the West while putting employees out of work at the same time. The company expects to make millions of dollars from selling the power ``While Kaiser will make millions from the use of a federal resource, I am concerned that this is coming at the expense of employees that will be out of work and that may not be fully compensated,'' Richardson said. Lamb said Kaiser officials have spoken with Bonneville representatives and Richardson's office about the matter, but he declined to describe the talks. Bonneville spokesman Ed Mosey said the BPA was following Richardson's instructions and reviewing its electricity contract with Kaiser. ``What we're talking about here with Kaiser and these other companies is basically a potential windfall from reselling what amounts to a federal asset,'' Mosey said. ``They need to start looking at the corporate ethics side of the equation,'' he said. ``I think that is what the Secretary (Richardson) is saying. We are following his instructions. He wanted us to explore what we could do and that is what we are doing.'' Bonneville and several other federal power marketing administrations were set up by Congress in the 1930s to provide electricity to rural and undeveloped areas in the United States.