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Politics : High Tolerance Plasticity -- Ignore unavailable to you. Want to Upgrade?

To: Think4Yourself who wrote (2980)	4/6/2001 12:48:33 PM
From: gamesmistress	Read Replies (1) \| Respond to of 23153

Yep, there go the rate hikes so carefully crafted to spare Joe Average Consumer. Anybody have any idea how fast the bankruptcy court moves? I'm sure it'll take some time to sort out the creditors, decide what to do about assets, etc. Well, at least now Davis and the legislators have lots of free time to put their spin on the situation - no more "negotiating" with the utilities. EDIT: looks like Bloomberg only one with the news yet...

To: Think4Yourself who wrote (2980)	4/6/2001 2:39:49 PM
From: aerosappy	Respond to of 23153

MIR exposure to California utilities' bankruptcies Excerpt from MIR 10-K: "Mirant through its subsidiaries has approximately 3000 MW of generating capacity in California. This includes facilities which operate during periods of intermediate load and peak demand levels. Mirant's California subsidiaries generated an amount equivalent to about 4% of the total California energy consumption in 2000. The Company's combined receivables from both the PX and the CAISO as of December 31, 2000 and as of late February 2001 (unaudited) were approximately $375 million and $385 million (unaudited), respectively, net of settlements due to the PX. There are other sources of collateral and revenues which could potentially provide additional offset to these net receivables listed above. On a going-forward basis, Mirant does not expect a material portion of its income to be derived from receivables due from the PX and CAISO attributable to purchases on behalf of non-credit-worthy entities in California. While the ultimate collectibility of the net receivables cannot be readily determined, Mirant has taken a provision which it believes adequately covered its exposure as of December 31, 2000 related to the increased credit and payment risks associated with the California power situation. Additionally, the Company continues to monitor the situation in the western U.S. and anticipates that significant additional reserves will be taken in the first quarter of 2001."