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Gold/Mining/Energy : Golden Eagle Int. (MYNG) -- Ignore unavailable to you. Want to Upgrade?

To: john who wrote (22592)	1/18/2001 10:00:05 AM
From: CIMA	Read Replies (1) \| Respond to of 34075

California ends blackouts as Canadian company steps in WebPosted Thu Jan 18 06:37:38 2001 SAN FRANCISCO, CALIF. - People in California have been warned their lights may go out again Thursday, a day after an unnamed Canadian power producer came to their rescue. RELATED STORY: B.C. could lose big in California power crunch "There was one of these resources in the northwest, mainly coming from Canada," said Patrick Dorinson, a spokesman California's energy agency. "We appreciate that assistance has been provided." But while a crisis had been averted late Wednesday afternoon, the shortage of electricity – and money to buy more – still exists. Earlier Wednesday hundreds of thousands of people in California were left in the dark for 60 to 90 minutes at a time as the state imposed rolling electricity blackouts in an effort to cope with a shortage of power. In communities across northern and central California traffic lights went out, automatic teller machines shut down and elevators stopped working. Affected areas include San Francisco, Sacramento, Modesto and Turlock. Utilities were trying to keep essential services such as hospitals up and running. Deregulation by the state has resulted in the state's two largest utilities teetering on the edge of bankruptcy. While wholesale prices for energy have risen, a rate freeze has prevented the companies from passing the increase on to consumers. The uncertainty has prompted suppliers to stop trading with the state, in spite of a federal law requiring them to do so. Compounding the problem is a state and national energy shortage. The state legislature is planning to buy power itself and sell it at a reduced cost to the utilities. The plan has passed the house and needs the approval of the senate before it goes ahead.