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To: Gemlaoshi who wrote (38415)	9/18/2003 12:37:28 PM
From: yard_man	Respond to of 74559

appreciate your post, very much. I was speaking from one POV -- those with a franchise. There are some things I would like to say publicly regarding a recent meeting that I had with an IPP but cannot -- I'll stop at this -- what you say is accurate -- esp the following: >>They also have the financial crunch of financing long-term generation assets with relatively short-term (3-5 year) debt. They stay alive only as long as their creditors are willing to restructure their debt. So, to compare the IPPs with integrated electric utilities is really an apples and oranges comparison. Their business structures are quite different even though they produce the same end product - electricity.<< Many IPPs and banks hold on to hope that they will be saved by 1) growth and 2) re-regulation phase III. What we really need is an old-fashioned fire sale for generation assets that could never be supported under that merchant model -- not sure if it will happen.