Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: stockman_scott who wrote (446578)	8/22/2003 1:09:38 PM
From: sylvester80	Read Replies (1) \| Respond to of 769670

POS neoNAZI Bush spends $100 Billion on Iraq with his lies and while killing Americans every day, while at the same time he won't spend a dime on our grid unless he gets to drill and pollute Alaska for himself and his big oil buddies. DISGUSTING!!!! It is amazing to me that even ONE, just 1 (one) America will ever vote for this criminal POS.

To: stockman_scott who wrote (446578)	8/22/2003 1:16:43 PM
From: jlallen	Read Replies (1) \| Respond to of 769670

LOL! A better question is why didn't Richardson address the problem while he was Energy Secretary...if its that simple....

To: stockman_scott who wrote (446578)	8/22/2003 1:20:37 PM
From: Gordon A. Langston	Read Replies (1) \| Respond to of 769670

The power grid problem is not new nor partisan. In CA the courts are still settling the various claims in the energy fiasco. Note the claims are still there despite their day in court. Court: Higher Calif. Electric Rate Was OK By DAVID KRAVETS Associated Press Writer SAN FRANCISCO (AP) -- A secretly negotiated deal that raised electricity rates for millions of California consumers by as much as 40 percent during the state's energy crisis was legal, the state Supreme Court said Thursday. While watchdog groups complained the ruling meant consumers were left footing the bill for California's energy mess, the utility company involved hailed the decision. An aide to Gov. Gray Davis called it an endorsement of the tough steps Davis took to resolve the 2000-2001 power crisis. The court ruled that the California Public Utilities Commission neither violated deregulation rules nor breached open meeting laws when it settled a lawsuit filed by Southern California Edison Co. that allowed the utility to raise customer rates. The 2001 deal was reached after private meetings between the PUC, governor's staff and utility representatives. "By stabilizing Edison, we were able to save the utility and now give the consumers the rate cuts they deserve," said Steve Maviglio, spokesman for the governor, whose handling of the energy crisis has become a big issue in the state's recall election. The settlement allowed SoCal Edison to collect at least $3 billion in extra customer utility fees and pay off its debts, to the point that the PUC was able to cut electricity rates for SoCal Edison customers earlier this summer by up to 19 percent. "It's another critical step in restoring the financial health of the utilities and will help pave the way for additional cuts in rates in the months to come," Maviglio said. "The ruling helps us ensure reliability and stability." But that misses the point that consumers should have been spared, said Bob Finkelstein, a lawyer for the Utility Reform Network, which challenged the rate hike in court. "What the Supreme Court has said here is the utility companies get to reap all the rewards of deregulation, but when deregulation goes into the toilet, the utilities still win," said Harvey Rosenfeld, of the Foundation for Taxpayer and Consumer Rights. Edison International chairman and CEO John Bryson called the ruling a "landmark" for the company and for the stability of California's electric utility system. Edison and PG&E amassed billions of dollars in debts when wholesale electricity rates in California soared beyond the frozen retail rates that utilities could recover from customers in 2000 and 2001 under the state's deregulation rules. The utilities eventually sued the PUC, arguing that federal energy rules demand they get compensated for the true cost of the electricity they are selling. The PUC agreed to settle with Edison in October 2001 to help the utility repay $3.6 billion in debt accumulated during the power crisis by allowing it to maintain a temporary rate increase for two more years. The PUC also allowed Pacific Gas & Electric Co. to collect a similar surcharge. The deals allowed both utilities to generate billions in new revenues. PG&E has 4.6 million customers. Edison serves 4.3 million. California officials have long said the reason wholesale rates soared in the state was manipulation by energy traders, such as now-bankrupt Enron, and wholesalers who withheld power to drive up prices. The Federal Energy Regulatory Commission has agreed that the market was manipulated, though it is still considering how to deal with those it deems responsible. Copyright 2003 Associated Press. All rights reserved.