email_body: The Commission voted out the order 5-0, essentially as it appeared  yesterday.
  Three key changes: They clarified that the surcharge applies to Direct Access customers (but the  entire "rate freeze" structure remains intact for now).
  The Commission reversed itself and chose not to adopt TURN's "netting out" of  gen revenues and CTC collections, and said instead that the Commission will  consider it as an option in the next phase (a move likely made in order to  lower chances of a successful utility appeal).
  The Commission added to the decision language saying that it will study the  pros/cons of securitizating the utilities' power purchase costs.
  They will  submit a report on the issue to the Governor and Legislature.
  On this last point, wire reports are rampant about the possibility that  legislation will be introduced as early as today proposing to securitize the  utilties' power purchase costs.
  This action has reportedly been the result  of discussions that occured through the night between the governor's office,  the utilities and the ratings agencies in reponse to the fact that the  decision issued by the PUC falls well short of what's needed to keep the IOUs  credit worthy and solvent.
  As a result of those wires stories, the  utilities' stock has come back (Edison was down as low as 6.25 and is  currently at 10 7/8; PG&E was at 8 7/8 and is currently at 11 7/8).
  We're  working with Sandi McCubbin, who heads-up our legislative activities in  California, to get more info and will report back.
  The hearing was dominated by highly charged anti-generator, anti-marketer  rhetoric, which is likely to play a prominent role in the press accounts.
  Only FERC was demonized more.
  Each of the Commissioners, including the most recent "interim" appointee,   made strong statements regarding the undesirability of utility bankruptcy.
  The Commission left open the possibility of "doing more" at their next  meeting (two weeks from today), which means the negotiations with the  utilities and ratings agencies are likely to continue.
  And if an agreement is  reached, it could end up on the next agenda.
  
subject_line: Brief Summary of Today's Activities in California (at Least Thus  Far)
  