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Southern California Edison and the state's other ailing utility, Pacific Gas and Electric, applied for emergency rate increases last month because they said they were sustaining huge losses.
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The offers are crucial to keeping retail power rates from rising and to resurrecting the financially ailing utilities.
California has reached long-term contracts with electricity suppliers to keep power flowing to customers of two financially ailing utilities, Gov. Gray Davis said today.
In the coming months, the list will grow as the contours of a "super fund" – established to expedite the sale of ailing utilities and state-owned properties – take shape.
Robert M. Hertzberg, the speaker of the State Assembly, submitted a roughly 35-page package of measures today to restore the state's ailing utilities to financial health and make the state government the major buyer and seller of electricity.
The proposal explains how the commission will work with the Department of Water Resources to ensure that the state is repaid for the billions of dollars it has spent buying electricity for customers of three financially ailing utilities.
A19 California Power Crisis Some big electricity generating companies refused to sell power to the state's financially ailing utilities, prompting Energy Secretary Bill Richardson to warn that he would invoke rarely used emergency powers to force them to do so.
California's power crisis deepened today as some big electricity generating companies refused to sell power to the state's financially ailing utilities, prompting Energy Secretary Bill Richardson to say that he would invoke rarely used emergency powers and force them to ship the desperately needed power.
[C4.] Power Crisis Worsens in California California's power crisis deepened as some big electricity generating companies refused to sell power to the state's ailing utilities, prompting Energy Secretary Bill Richardson to invoke rarely used emergency powers to force them to ship the needed power.
As it happens, Mr Moody-Stuart thinks that Shell is well placed to take the third course, which will prepare it for any longer-term shifts in the industry: "We want to meet our customers' needs for energy, even if that means leaving hydrocarbons behind".The third force shaping the energy business is probably the scariest, as the bosses of California's ailing utilities will tell you: risk.
Banks are growing reluctant to lend the ailing utilities any more money.
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