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To: Baldur Fjvlnisson who wrote (1920)	2/16/2001 12:10:05 PM
From: TobagoJack	Read Replies (2) \| Respond to of 74559

I am unable to rampage through all the stock specific threads as the number of fallen warriors are stacking up fast. Some say we should step back and look at the forest instead of the trees. I see only logs, neatly piled. Let's see if this storm goes full circle around the world on Monday and hits NY again, with increased energy. I would think Bush would be making an impromptu speech between now and Monday market open. What can he possibly say?

To: Baldur Fjvlnisson who wrote (1920)	2/16/2001 12:23:19 PM
From: TobagoJack	Respond to of 74559

At least the FED does not need to worry about OPEC adding fuel to the firestorm ... QUOTE OPEC ministers "most likely" will decide to cut the cartel's oil output to keep crude prices stable when they meet March 17, a Gulf source familiar with Saudi oil thinking said Friday. UNQUOTE Cut production by 500k barrels per day, tack $2 per barrel to the millions of barrels sold per day. The math works and the Arabs have been trading for centuries.

To: Baldur Fjvlnisson who wrote (1920)	2/16/2001 7:52:00 PM
From: TobagoJack	Read Replies (1) \| Respond to of 74559

Another thing good about Iceland is that you folks probably will not have trouble with energy in the future. It is really alarming to see how the government is getting more direct in their robbing of the masses, not through only taxation, but through "a-intentional" manipulation and inability to see that what they do is not only wrong, but biblically evil as well (certainly qualifies as evil by Buddha's scriptures). cbs.marketwatch.com Utilities companies, minus their power plants done in earlier round of robbing, and their transmission lines in the coming round, will be left with what for the poor shareholders? used electric meters? cheap billing computers? Message 15318267 The irresponsibility exhibited is truly inspired when compared to the lesser nations of this world. Is no US politician speaking up on this front edge of madness? QUOTE By Myra P. Saefong, CBS.MarketWatch.com Last Update: 6:18 PM ET Feb 16, 2001 NewsWatch Latest headlines Get Alerted SACRAMENTO, Calif. (CBS.MW) - The State of California detailed a plan Friday to purchase cash-strapped utilities' electric transmission assets but would force them to dismiss pending litigation seeking a raise in retail rates. Today on CBS MarketWatch Telecom exacts a hefty toll Nortel plunges after warning, further job cuts After Hours: Tech inches higher California debuts its power play Telecom Report: In networking, bigger ain't always better More top stories... CBS MarketWatch Columns Updated: 2/16/2001 6:45:32 PM ET "This is a balanced business transaction. It provides real benefits of real value to consumers and allows the utilities to get back on their feet," Gov. Gray Davis said at a news conference late Friday. Under the proposal, the state would purchase the transmission grid owned by the state's three investor-owned utilities: Pacific Gas & Electric (PCG: news, msgs), Southern California Edison (EIX: news, msgs) and San Diego Gas & Electric (SRE: news, msgs). Together, the utilities own about 60 percent of the transmission lines in the state, according to Davis. Edison's SoCal Edison unit and PG&E's Pacific Gas & Electric are both on the verge of bankruptcy because they've been forced to buy electricity on the open market that must be sold at rates capped by state law. The plan requires that the utilities' parent companies make a "significant contribution" to their utility subsidiaries to satisfy their creditors and help them return to financial stability. Additionally, cost-based rates from the utilities' generating facilities would be extended to 10 years from 5 years. Davis said the plan will work within the existing rate structure, thereby avoiding a rate hike for consumers. Instead, the plan directs the California Public Utilities Commission to establish a "dedicated rate component" that comes out of existing rates. "Funds from the asset sales and potential securitization would likely be sufficient to cover the utilities' $10 billion and growing under-collections," said Steve Fleishman, a utilities analyst at Merrill Lynch, in a Friday research note. The proposal is based on a bill, introduced by State Senate majority leader John Burton earlier this month, that bill was approved by the Senate Appropriations Committee Thursday. The price for the power lines is still being negotiated, Fleishman said, but discussions are in the $7 billion area. Utility executives and state government officials will continue negotiations on the plan throughout the weekend. The proposal comes as California faces its 32nd-straight day at its top power alert because of critically low reserves. See full story. Time is running out State legislators are working against the clock to keep creditors of Southern California Edison and Pacific Gas & Electric at bay as they work out a solution to the energy crisis. Southern California Edison announced Friday that it's undercollected power costs totaled nearly $6 billion by the end of January and it still has no assurance that its creditors will extend an agreement to hold back from collecting on debts. See full story. Sempra's San Diego Gas & Electric unit also said Friday that its undercollected costs had grown to $605 million by Jan. 31 and that's "fully drawn" on its short-term borrowing facilities. The utility, however, remains current in all its payments. See full story. Adding to the time constraint, a federal court is expected to rule Friday on whether to extend an order forcing power generators to sell excess energy into the state. "The big question" is whether the plan unveiled by Davis can get through the legislature, analyst Fleishman said, noting that Republicans are "vehemently" against it. If the plan passes, it will likely be by just a majority and not with the two-thirds needed for immediate action, he said. "Will the creditors wait that long?" A group of wind, solar and geothermal energy producers Thursday formed a creditors' committee to consider how to recover $210 million they say SoCal Edison owes them for power delivered since November. Also on Thursday, the Federal Energy Regulatory Commission said the state's Independent System Operator can't bill the utilities unless they have credible financial backing. The FERC also said that power plant operators can't be forced to supply electricity if they risk not getting paid. The Wednesday ruling by the FERC means that the state, which has been spending $45 million a day to buy electricity for utility consumers, may have to pay for emergency power purchases made by the Cal ISO to avoid rolling blackouts. See full story. Another plan introduced by Davis last week, calling for an expedited permitting process for power plants in California, was backed by President Bush on Friday. Bush has ordered all relevant agencies to "expedite federal permit approvals for siting and operating power plants in California." See full story. Shares of Edison climbed 69 cents to close at $13 Friday, and PG&E added 16 cents to settle at $13. UNQUOTE