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Technology Stocks : Year 2000 (Y2K) Embedded Systems & Infrastructure Problem -- Ignore unavailable to you. Want to Upgrade?

To: John Mansfield who wrote (399)	5/23/1998 11:34:00 AM
From: John Mansfield	Read Replies (4) \| Respond to of 618

[UTILITIES] 'Millennium bug threat to power supplies ' By JOHN MACLEAY 4may98 THE managing director of the Australian Stock Exchange, Richard Humphry, has warned that the Victorian electricity industry may be unable to fix the millennium bug computer problem on time. He says there could be severe power shortages from January 2000 across the national grid. Mr Humphry said the disclosure by power distributor United Energy in its prospectus that it was still at the planning stage in dealing with the glitch that might kick in in 2000 had raised an "interesting issue" about the readiness of the Victorian industry to combat the problem. "I'm glad they've disclosed it. But I think what they've disclosed is inadequate to guarantee they'll be ready in time," Mr Humphry said. "As a generalisation, virtually any large organisation that is not well advanced in its remedial work and had planned to complete it by the end of this calendar year is probably in serious trouble. That's because it will take them a lot longer than they anticipated to fully test all of their systems," he said. United Energy, which covers eastern metropolitan Melbourne, is the first of Victoria's privatised power assets to seek an Australian listing, after raising $400 million from local investors. Mr Humphry's concerns about the effect of the 2000 bug on electricity have been amplified by the lack of adequate responses from the power industry in all States to ASX letters asking for a guaranteed supply after January 1, 2000. ... theaustralian.com.au