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To: Bucky Katt who wrote (7347)	1/4/2001 2:50:04 PM
From: gamesmistress	Respond to of 13094

The utilities are coming off their bottoms because of this: Christopher Edmonds California Update 1/04/01 2:23 PM ET Stocks of PG&E (PCG:NYSE) and Edison International (EIX:NYSE) have rallied off of lows around noon on news that the Californian government and PG&E have reached an agreement to keep PG&E out of bankruptcy. However, the news does not say Edison is involved in the discussions. It does appear that any relief for the utilities will come from the CPUC or the executive branch. The California legislature appears unwilling to lift the rate cap that was established in the deregulation statutes. As importantly, discussions between the generators and Califonria utilities at FERC are continuing today. While progress is slow, the negotiations to develop long-term power supply contracts continue. The generators have recovered from mid-morning lows as well, but plenty of uncertainty remains. More to come as I hear it. . .