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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: Krowbar who wrote (296887)	9/15/2002 2:00:11 AM
From: DavesM	Read Replies (1) \| Respond to of 769667

Delbert, re:"Some of the California energy cost spike came under Clinton's watch, but became a "crisis" in summer 2001 You are off by a year. By the summer of 2001, the crisis was over. The FERC passed a $90/MWhr cap on the entire western region in June of 2001 (a cap, that to the best of my knowledge, removed the advantage of shifting power out then back into state). I believe the price cap passed in June,2001 is essentially the same cap that is currently in effect. You should also know that by the end of the Clinton Administration, SCE and PG&E had been downgraded by Moody's and had stopped paying creditors or defaulted on corprate bond payments - which probably means they weren't paying some of their electricity suppliers either. I'm not exactly sure which month had the highest average rates (Ray seems to think it was April 2001 - I think it was January 2001). Ray told me I was making a big deal of a typo - but this is the second time you have mentioned the summer of 2001.