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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: yard_man who wrote (56546)	1/10/2001 7:36:58 PM
From: patron_anejo_por_favor	Respond to of 436258

Davis tells PCG: "GFY" (No state-funded debt relief) quote.bloomberg.com Sacramento, California, Jan. 10 (Bloomberg) -- California Governor Gray Davis said the state would not provide short-term loan guarantees to PG&E Corp. and Edison International, saying he wants generators to provide the owners of the state's two largest utilities with debt relief. At a press conference on his budget proposal, Davis said executives from the utilities are meeting with power generators in Washington this week to negotiate an effort to plan that would ease a debt burden that exceeds $11.5 billion. PG&E's Pacific Gas &Electric and Edison International's Southern California Edison say they are on the brink of bankrucpty because they can't pass soaring power costs on to consumers. Davis met for seven hours last night with government energy officials, utility executives and generators to negotiate a solution to the electricity crisis, which may help push the state and U.S. economies into recession. ``I said `we're not stepping in in the short term,'' Davis said. ``We will help in the long term.''