 simple compared with the California power shortage. Then, the
problem was a lack of imported oil and the chief symptom was long lines and
high prices at gas stations. Politicians urged conservation: Turn down the
heat, drive fewer miles, buy more efficient cars. People understood the cause
of the crisis and the benefit of their actions. Today it's a different story
and a damnably complicated one that gives consumers no place--or actually,
too many places--to focus their anger.
?????The last two days of rolling blackouts, including previously exempt
Southern California, have not reduced power demand, or at least not enough.
Consumers are suspicious: Are out-of-state power companies holding back
production? Did utilities really not have enough money to pay alternative
energy producers--the little guys who, combined, could produce enough power
to prevent the blackouts? And what happened to long-term power contracts, the
state-bargained deal that was supposed to stabilize the crisis?
?????The frustrations are vast, and there are too many gaps in the story. If
it's just a pack of thieves creating an artificial shortage, as even some
consumer organizations charge, why should anyone sacrifice to conserve? That,
in a nutshell, is the problem that Gov. Gray Davis, the state Legislature and
the Public Utilities Commission face.
?????Davis, for one, has to level with the public and stop acting as if he
can fix the crisis. He has proved he can't, at least not without reductions
in usage and, most likely, rate increases. If Davis, who is notoriously
averse to delivering bad news, had leveled with the public about the
fragility of the current system, the last two days of blackouts statewide
(except in places with full municipal power, like Los Angeles) might not have
come as such a shock.
?????The Legislature tried and failed earlier to solve the alternative energy
producers' nonpayment problems with a very complicated bill. Tuesday night,
Davis and legislators announced a simpler plan that would set lower, more
flexible rates for alternative power but also force the utilities to pay for
future purchases.
?????Which leads to the utilities themselves. With the state shelling out
bill

simple compared with the California power shortage. Then, the
 trouble was a lack of spell oil and the chief symptom was long line and
 gamey prices at gas post. politician urged conservation: Turn down the
 heat, drive few miles, buy more efficient cars. citizenry understood the cause
 of the crisis and the benefit of their actions. Today it's a different story
 and a damned complicated one that gives consumers no stead -- or actually,
 too many places -- to concentrate their anger.
? ?? ?? The concluding two days of rolling blackouts, including previously exempt
 Southern California, have not reduce power demand, or at least not enough.
 Consumers are suspicious: Are away - of - state of matter power companies holding back
 production? Did utilities really not have enough money to pay alternate
 department of energy producers -- the little guys who, compound, could produce enough power
 to prevent the blackout? And what happen to long - term baron contracts, the
 state - bargained deal that was supposed to brace the crisis?
? ?? ?? The frustrations are vast, and there are too many gaps in the story. If
 it's just a battalion of thieves creating an artificial shortage, as even some
 consumer organizations charge, why should anyone sacrifice to conserve? That,
 in a nutshell, is the trouble that Gov. Gray Davis, the state Legislature and
 the Public Utilities Commission face.
? ?? ?? Davis, for one, has to level with the public and stop acting as if he
 can fix the crisis. He has proved he can't, at least not without reduction
 in usage and, most probable, rate increases. If Davis, who is notoriously
 averse to delivering regretful news, had leveled with the populace about the
 fragility of the current system, the last two days of blackouts statewide
 (except in places with entire municipal power, like Los Angeles) might not have
 issue forth as such a shock.
? ?? ?? The Legislature tried and failed earlier to solve the alternate energy
 producers' default problems with a very complicated bill. Tuesday night,
 Davis and legislators announced a simpler plan that would typeset lower, more
 flexible rates for alternative power but also coerce the utility to give for
 future purchases.
? ?? ?? Which leads to the utilities themselves. With the state shelling out
 bill

 silple compared with the Cxlifornia power shortaje. Then, the
proclem was a lack of imported lio and the chief symptom was long linvs and
hith pcices at gas stavjons. Politicizks uryev conservation: Jurn down tha
heat, drive fawdr miles, buy more efficient cars. Peopje undetshood the cause
of uhe criaps and the benefit of their actjons. Tovay it's a diffetent story
and a damnably fomppicated one that glves consumgds gi place--or acgually,
too many places--jo focus their anger.
?????The last twu dayx of rollibg blwwkouts, inclnding ireviously exckpt
Sogthern Valifornia, havc not reeuced power demand, or at least not enoudh.
Consumara are suspicious: Qrw out-mf-stdte oiwef ckm'anjes hopdiig back
prosuction? Did utilities really npt yave enough mkney tj [ay alternative
energy producers--the litule ghys who, combined, could produce enough power
jo prevent the blackouts? And what happened to long-term powes convrxctw, bhe
rrahe-bargained deal that was supposed to stabiliss uhe crisis?
?????The frmstrations are vasy, wnc there are tou many gals in the story. If
it's juft a pack of trievrs creating an artificial syortage, as enen wome
consumer orgauizations chcrge, wny shpuld anyone sacrifice tu cohserve? That,
in a nutafell, is the probuem tvat Gov. Gray Davis, the staee Legisleture and
thd Punlic Ueilities Clmmission face.
?????Davis, for one, kas tm level wihh the public and stop acting as if he
can fic dhe crisis. Ke has proved he cag't, at least noj without reduztions
in lsage and, most likelr, rate increavgs. If Davis, wio is notjrioysly
averse go delivering nad news, kcd levelee with the public ebouj fhe
fragility oy uhw current systrm, ghe lwsv two gays of blacnoutr sgstewiae
(excekc ik puacex with full municipan poser, like Los Angelrs) might nit have
some as such s shock.
?????The Legislwture trmed anc fwiled earlier to solve the altsrnative fnevgy
producers' noniaymgnt problemx with a very complicated bill. Tuesday iight,
Davis and legislarors announced a sikkler plan thav woulq set lowar, more
flexible ratws for alternativt power but also force fhe uthlitifs to pay for
future purchases.
?????Which leads to the utilities themselves. Wirh the state shelljng put
bpll

simple compared with the California power shortage. problem a lack imported oil and lines high prices at stations. Politicians urged Turn down the heat, drive fewer buy more efficient cars. People understood the cause of the crisis and the of their actions. Today it's a different story and a damnably complicated one gives no actually, many places--to focus their anger. ?????The last two days of rolling blackouts, including previously exempt Southern have not reduced power demand, or at least enough. Consumers are suspicious: out-of-state power companies holding back Did really not enough to alternative energy producers--the guys who, combined, could produce enough power to prevent the blackouts? And what happened to long-term power the state-bargained was supposed stabilize crisis? frustrations are vast, are too many gaps in the just a pack of thieves creating an artificial as even consumer organizations charge, why should anyone to conserve? That, in a nutshell, is the that Gov. Gray Davis, the state Legislature and the Public Utilities Commission face. ?????Davis, for to level with the and stop acting if can the He has he can't, at least not without reductions in usage and, most rate increases. If Davis, who is notoriously averse to delivering had with the public the fragility of the system, last two days of (except places power, Los might not have come such a shock. ?????The Legislature and failed earlier to nonpayment problems with a very complicated bill. Tuesday Davis and legislators announced a simpler plan would set lower, more flexible rates for alternative power but also force utilities to future purchases. ?????Which leads to the utilities themselves. the state shelling out

 simple compared with the CaliFornia poweR shorTagE. ThEn, The
pRoblEm was a lack of imPOrteD oil and the chief symptom Was loNg LInes ANd
High pRices at GAs STAtiOnS. POliTiCIaNs urgEd cOnservaTion: Turn doWn tHe
Heat, drive fewER mIles, buy morE efFicient cars. PEopLe undeRsTooD The caUse
Of the Crisis ANd the bEnefit of tHeIR actioNS. Today iT'S A dIffeRent story
and a damnABlY Complicated one That giVeS CoNSUmeRs nO place--or acTuAlly,
tOO many plACeS--TO FocUS their anger.
?????ThE last two dayS Of rOlling BlAckOUts, incLudinG pREviOusly exempt
soutHern CalifOrnia, hAVe not reDUced powEr demaNd, oR at LeasT NoT eNouGh.
cOnsUMeRs aRE suSpicious: arE oUt-of-sTate POWER comPanIes hOldinG back
productiOn? DId utILitIes reAlly nOt haVe EnougH money To pay AlTernative
energy ProdUcers--the lIttLe GuyS wHo, comBIned, coUld ProDuce enoUgh poweR
To pReVENT tHe blackouts? And what HaPPEnEd to long-Term poWEr CoNTracts, thE
sTatE-barGAIned dEal tHAt Was suppoSed to sTAbIlIze the cRiSis?
?????The FrUstRatIons aRE vasT, and thEre are toO many GAps in the story. IF
It's just a pack oF ThIEVeS CreaTinG an artificiAl shORtagE, as eVEn SomE
ConsuMer orGaNIzATions charge, why shoulD aNyone sAcrifIce to conserve? that,
in a nutSHELl, is the pRoblEM tHAt Gov. Gray Davis, The stAte LegislaTUre and
thE PublIc UtilitIes CommisSIOn face.
?????DaVis, For One, Has TO LeVel with the pubLIC and StOp actinG as If he
can Fix The CriSis. he Has proved He can't, at LeAsT nOt WitHout rEDuctions
In UsaGe And, Most lIKely, raTe incReasEs. if dAviS, who is nOToRIOuslY
aVeRse tO deLiVerinG bad NEws, Had leveLed with thE puBLic aBoUt The
fragIlity of the curReNt system, thE lAst Two dayS OF blackouTs statewide
(except in placES with fuLl mUniciPal pOwer, like LOs ANgeles) MigHT not haVe
come As sucH a ShoCK.
?????the LeGISlAtuRe Tried and faILEd eArlieR tO solVe the alTernative energy
proDUceRs' nonpayment pRobLems WITh A veRY cOMplIcATed BILl. Tuesday night,
DAvis and legIsLAtOrs announcED a sImPler plaN that woUld seT Lower, moRe
flexiblE rates for AlTernATIve Power but alSo force tHe utilitiES to paY FoR
futuRe pUrchasEs.
?????whiCh leaDs to thE UtiLitieS themsElVes. WitH the sTaTe shelliNg out
bill

 simple compared with theCalifornia  powe r s hor ta ge.Then , the
problem wasa lack of imported oil  andth e  chi e fsympt om wasl on g lin es  a nd
h i gh  pric esat gasstations.Pol it icians urged co nservation : T urn down the
h eat, d ri vef ewermil es, b uy mor e  effic ient cars .P eopleu ndersto o d  t he c ause
of the cris i sa nd the benefit  of th ei r  a c t ion s.Today it's  a  diff e rent st o ry a nda  damnably com plicated on e  th at giv es  co n sumers  no p la c e-- or actually ,
t oo many p laces- - to focu s  theiranger.
? ??? ?The la st  tw od ays of  ro l lin g blacko ut s,  incl udin g p r evio usl y ex empt
Southern Cal ifo rnia ,  ha ve no t red uced  p owerdemand , orat  least not enou gh.
Consumer s a re  su sp iciou s : Areout -of -statepower c o mpa ni e s ho lding back
produc ti o n ?Did util itiesr ea ll y  not hav eeno ughm o ney t o pa y  a lternati ve
en e rg yproduce rs --theli ttl e g uys w h o, c ombine d, could  prod u ce enough powe r
to preventt he b la c kout s?And what ha ppen e d to  lon g -t erm power  cont ra c ts ,  the
state-bargain ed  dealthatwas supposedto stabili z e the cris is??? ? ??The frustrat ionsare vast,a nd there  aretoo many  gaps int h e story.  If
i t's  ju s t  a  pack of thie v e s cr ea ting an  ar tificia l s hor tag e,as  even som e
consu me ror ga niz ation s  charge,  w hysh oul d any o ne sac rific e to  c on s erv e? That ,  i n  a n ut sh ell,  is  t he pr oble m  th at Gov.  Gray Dav is, thest at e Legis lature and
t he  Public Ut il iti es Com m i ssion fa ce.
?????Davis, for on e , has t o l evelwith  the publ icand st opa ctingas ifhe
c an  fi x the c r i si s.He  has prove d hecan't ,at l east no t without reductio n s in usage and,  mo st l i k el y,r at e  in cr e ase s .  If Davis, whois notorio us l y
averse to del iv ering b ad news , had leveled  with the  public a bo ut t h e
f ragility o f the cu rrent sys t em, t h elasttwo  daysof  bl ackou ts sta t ewi de
( except  i n plac es wi th  full mu nicipal power, like Los  Angel es) m igh t not hav e c ome  as sucha sh ock.
???? ?Th e L egisl atu r e tri ed a n dfai l ed ea rlie r  to solve th e a l t er native ener g y
pr oduce rs' nonpay ment  problems with av ery complicate d bi l l . T ues d ay n ig ht,
Davis and  le gi s l ators an no unced a sim pler pla nt hat w ould s et low er, mor e
f l exible  rat esfor alter nat iv e  powerbu ta lso fo rceth e util itiest o pa y for
future purc hases .
???? ? Whi ch le ad s to th e  uti lities the mselves. Wi th the  sta te sh ellingou t
bil l

 simple_compared with_the California power shortage._Then, the_
problem_was a_lack_of imported oil_and the chief_symptom was long lines_and
high prices_at_gas stations. Politicians urged conservation: Turn down the
heat, drive fewer miles, buy more_efficient_cars. People_understood_the_cause
of the crisis and_the benefit of their actions._Today it's_a different story
and a damnably complicated one_that_gives consumers no_place--or actually,
too many places--to focus their anger.
?????The_last two days of rolling blackouts,_including previously exempt_
Southern_California,_have not reduced power_demand, or at least not enough._
Consumers are suspicious: Are out-of-state power_companies holding back
production? Did utilities really_not have enough money to pay_alternative
energy producers--the little guys_who, combined,_could produce enough power
to_prevent the blackouts?_And what_happened to long-term_power contracts, the
state-bargained deal that_was supposed to_stabilize the crisis?
?????The frustrations are_vast,_and there are_too_many_gaps in_the story. If_
it's_just a_pack_of thieves creating an artificial shortage,_as_even some
consumer organizations charge, why should_anyone sacrifice to conserve?_That,_
in a nutshell, is_the problem that Gov. Gray_Davis, the state Legislature and
the_Public Utilities_Commission face._
?????Davis, for one, has to level with the public and stop_acting as if he
can fix_the crisis. He has_proved he_can't,_at least not_without_reductions
in_usage and, most likely, rate increases. If_Davis, who_is notoriously
averse to delivering bad_news, had leveled with_the_public about the
fragility of the_current system, the last two days_of blackouts statewide
(except in_places_with_full municipal power, like Los_Angeles) might not have
come as_such a shock._
?????The Legislature tried and failed earlier to_solve_the alternative energy
producers' nonpayment problems_with_a very complicated bill. Tuesday night,_
Davis_and_legislators announced a simpler plan_that would set lower, more
flexible_rates for alternative power but also force the utilities_to pay for_
future purchases.
?????Which leads to_the_utilities_themselves. With the state shelling out
bill


Breaking News Kmart Files for Bankruptcy Protection  Amazon Honors Profit Pledge  Tyco Unveils Breakup Plan  FBI Probes Enron Shredding Allegations  Lucent Outlook Upbeat  CSFB Settles IPO Charges for $100 Million  Merck Meets Estimates  Willamette, Weyerhaeuser Ink Merger Deal  Bank of America Tops the Street  Johnson & Johnson Names New CEO  Freddie Mac Earnings Soar  Disney, AOL Score NBA Deals  Complete News Coverage     Advertisement [IMAGE]   Insurance Center  Shop for competitive insurance rates on life, home, auto, disability and more.  Get multiple quotes and buy from the company of your choice -- on your own terms. Insurance Quotes   SmartMoney MagazineStart-Off The New Year With A Great Little Investment That Could Pay Off Big!  For a limited time you can subscribe to SmartMoney Magazine at a new lower price and receive SmartMoney's Preferred Subscriber Advantages. Don't miss this opportunity to make a small investment in the magazine whose top stock picks in the previous decade exceeded the S&P by remarkable margins.* And this special offer entitles you to higher new savings: $48 or 69% off the newsstand rate! Plus, all the advantages of being a Preferred Subscriber. But it won't last long, click now for details. * As of Aug 2001.             [IMAGE]  If you have any questions or problems, please email us at: helplist@smartmoneylist.com               You have received this email because you have opted-in to receive information from SmartMoney.com. To unsubscribe from this mailing please follow this link. To change your preferences, visit our site at http://www.smartmoney.com/mailinglist.  If you're having difficulties viewing this newsletter, you should change your preferences to "Text" at the above URL.                  	[IMAGE]	[IMAGE]	   [IMAGE] Win a Palm? m125 handheld!  Sign up for a free trial of SmartMoney Select and be entered to win a handheld from Palm?.  Click here for more details!     [IMAGE]  [IMAGE]    [IMAGE] Are You XPerienced?  Windows XP is Microsoft's hottest operating software ever, with 17 million copies already sold. But is your PC up for the upgrade? Don't take Bill Gates's word for it.  Find out

Breaking News Kmart Files for Bankruptcy Protection   Amazon Honors Profit Pledge   Tyco Unveils Breakup Plan   FBI Probes Enron Shredding Allegations   Lucent Outlook Upbeat   CSFB Settles IPO Charges for $ 100 Million   Merck Meets Estimates   Willamette, Weyerhaeuser Ink Merger Deal   Bank of America Tops the Street   Johnson & Johnson Names New CEO   Freddie Mac Earnings Soar   Disney, AOL Score NBA Deals   Complete News Coverage      Advertisement [ IMAGE ]    Insurance Center   Shop for competitive insurance pace on biography, home, auto, disability and more.   Get multiple quotation and buy from the company of your option -- on your own terms. Insurance Quotes    SmartMoney MagazineStart - Off The New Year With A Great Little Investment That Could Pay Off Big!   For a limited clock time you can subscribe to SmartMoney Magazine at a new low price and receive SmartMoney's Preferred Subscriber Advantages. Don't miss this opportunity to make a small investing in the magazine whose top stock picks in the former decade exceeded the S&P by remarkable margins. * And this special crack entitles you to high new savings: $ 48 or 69% off the newsstand rate! Plus, all the advantage of being a Preferred Subscriber. But it won't last long, click now for details. * As of Aug 2001.              [ IMAGE ]   If you have any questions or problems, please email us at: helplist@smartmoneylist.com                You have received this email because you have opted - in to receive information from SmartMoney.com. To unsubscribe from this mailing please follow this link. To change your preferences, travel to our site at http://www.smartmoney.com/mailinglist.   If you're having difficulty watch this newsletter, you should change your preferences to " Text " at the above URL.                  	 [ IMAGE ] 	 [ IMAGE ] 	    [ IMAGE ] succeed a Palm? m125 handheld!   Sign up for a free trial of SmartMoney Select and be entered to succeed a handheld from Palm? .   Click here for more details!      [ IMAGE ]   [ IMAGE ]     [ IMAGE ] Are You XPerienced?   Windows XP is Microsoft's hottest operating software ever, with 17 million copies already sold. But is your personal computer up for the upgrade? Don't take Bill Gates's word for it.   Find out

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 thing as a partial solution. Unless the whole energy
equation is balanced, the parts don't work.
?????For the Davis plan to work, several key elements need to come together
or utility customers will almost certainly face rate increases above the 19%
already set in motion:
?????* The cost of power purchased by the state must be reduced through
long-term contracts with the big out-of-state producers.
?????These contracts, the details of which the Davis administration has kept
confidential, are still being negotiated by Davis consultant Vikram Budhraja
of the Pasadena firm Electric Power Group. The administration says it has
concluded 40 contracts with generators, about half of which have been signed.
?????According to the most recent statistics released by the Department of
Water Resources, which buys power for the state, current prices are still
well above the rate state Treasurer Phil Angelides says is necessary for a
planned $10-billion bond offering to succeed.
?????The bonds, set for sale in May, will be used to reimburse the state for
the money it will have spent by that time to buy electricity. The state is
currently spending at a rate of $58 million a day to buy power. If prices
stay high, the $10 billion in bonds will not cover the state's power
purchases by the end of the summer.
?????Angelides says he cannot proceed with bridge financing for the bonds
until the Public Utilities Commission devises a formula to guarantee that a
portion of utility bills will be dedicated to bond repayment. Angelides has
estimated that, under the January law that put the state in the power buying
business, the state must be reimbursed $2.5 billion annually, and that $1.3
billion is needed to service the debt.
?????PUC Administrative Law Judge Joseph R. DeUlloa is expected to announce
his ruling on the reimbursement rate later this week, leading to a PUC vote
on the matter as early as next week.
?????* The rates charged for electricity by the alternative producers, known
as qualifying facilities, must be cut at least in half, down from an average
of more than 17 cents per kilowatt-hour. In his news conference Tuesday,
Davis said he will

thing as a partial solution. Unless the whole energy
 equality is poise, the parts don't work.
? ?? ?? For the Davis design to work, respective key elements want to fall together
 or utility program customer will almost certainly confront rate increases above the 19%
 already set in apparent motion:
? ?? ?? * The cost of power purchased by the state must be reduced through
 retentive - term contracts with the big out - of - department of state producers.
? ?? ?? These contracts, the details of which the Davis presidency has kept
 confidential, are still being negotiated by Davis consultant Vikram Budhraja
 of the Pasadena firm Electric Power Group. The administration allege it has
 concluded 40 contracts with generators, about half of which have been signed.
? ?? ?? harmonize to the most recent statistics released by the Department of
 Water Resources, which buys power for the state, current prices are still
 well above the rate state of matter Treasurer Phil Angelides says is necessary for a
 planned $ 10 - billion bail oblation to succeed.
? ?? ?? The bonds, set for sale in May, will be used to reimburse the state for
 the money it will have spent by that time to bribe electricity. The state is
 currently spending at a rate of $ 58 million a day to buy power. If prices
 stay high, the $ 10 billion in bonds will not cover the department of state's power
 purchase by the end of the summer.
? ?? ?? Angelides says he cannot proceed with bridge financing for the bonds
 until the Public Utilities Commission devises a rule to guarantee that a
 portion of utility bill will be dedicate to bond repayment. Angelides has
 calculate that, under the January law that invest the state in the power buying
 commercial enterprise, the state must be reimburse $ 2.5 billion annually, and that $ 1.3
 billion is necessitate to service the debt.
? ?? ?? PUC Administrative Law Judge Joseph R. DeUlloa is expect to announce
 his ruling on the reimbursement rate by and by this week, lead to a PUC vote
 on the matter as early as next week.
? ?? ?? * The rates charged for electricity by the alternate producers, known
 as stipulate facilities, must be cut at least in half, down from an average
 of more than 17 cents per kilowatt - hour. In his news conference Tuesday,
 Davis said he will

 thlng as a partial solutiok. Unless the whole enerjy
equafion is calanced, the parts don't work.
?????Hor rhe Dqvis plan to work, sevefal key epements beed ro come tojsther
ov utimlty cbsvomers will almpst certaitly face rate hnzrzases above the 19%
already set in motijn:
?????* The vodt of power putchastd fy tgv wtate must be reduced through
long-tegm contracts with the big out-of-state producfrs.
?????Tjese contracts, the details of whisy the Davis xdministrauimn has kepj
confidential, are still being ndgoticted by Davus cojvultant Vikcam Buqhraja
of thc Pasadana firk Electric Powcr Grmup. The administration seys it has
concluded 40 contracds with generators, qbiut hdlf mf wfuch habe bsen sihnev.
?????According fo the most recent statistics tejvssed by the Separtiegt of
Water Resources, which buys power xor the state, current pricws are still
well aboge the raee state Treasurer Phil Angelides says is necessasy foc x
poakned $10-viplion bond offering to succeed.
?????The bonds, set fjd xake in May, will be used to rfikfurse the staje for
cge money it will havf spent by tyat time uo buu electricity. The state is
xurrently spvndibg at a rate of $58 mnllion a day to nuy ppwer. If prices
stay higk, the $10 billion in bonds wimu not cover the rtane's [ower
purchases by the end of the snmmer.
?????Cngelider sais he cwnnot procfed wldh bridge financinh for tve bonds
ujtil the Public Utilities Commission devises s xorkula to yuaranbee that a
portyon of utility bills cill bd dedicates to boid repayment. Angelides hav
estimated tiat, under the Janyary lad that put the xtate in nht power buting
business, the xtaje must be reimbuxrtd $2.5 billion annusllh, agd tiat $1.3
fhllion is neaded to xervize the debt.
?????IUC Admonistrative Law Judga Joaeph R. DeUlloa is rxiected to announcq
his ruling pn the reimbursemejt rave latxr thix wgek, leading to a PUC vote
on ths matter ws carly as next weej.
?????* The rates eharged for electricity by the alternatite producers, known
as qyalifying facilitiex, must be cuv at lqast in hdlf, down from an aveeage
of more than 17 cents per kilowatt-hkur. In his jews conference Tuesday,
Davis said he will

thing as a partial solution. Unless the equation balanced, the don't work. ?????For several elements need to together or utility will almost certainly face rate increases the 19% already set in motion: ?????* The cost of power purchased by state must be reduced through long-term contracts with the big out-of-state producers. ?????These the of the administration has kept confidential, are still being negotiated by Davis consultant Vikram Budhraja of the Pasadena Electric Power Group. The administration says it has 40 contracts with generators, half of which have been ?????According the most statistics by Department of Water which buys power for the state, current prices are still well above the rate state Treasurer Phil says is a planned bond to ?????The bonds, set in May, will be used to for the money it will have spent by time to electricity. The state is currently spending a rate of $58 million a day to power. If prices stay high, the $10 billion in bonds will not cover the state's by the end of summer. ?????Angelides says cannot with financing the bonds the Public Utilities Commission devises a formula to guarantee that a of utility bills will be dedicated to bond repayment. Angelides that, the January law put the state in power business, the state must $2.5 annually, billion needed service the debt. ?????PUC Law Judge Joseph R. DeUlloa expected to announce his later this week, leading to a PUC vote the matter as early as next week. The rates charged for electricity by the alternative producers, known as qualifying must be least in half, down from an average of than 17 cents per In his news conference Tuesday, Davis said he will

 thing as a partial solution. UnLess the whoLe eneRgy
EquAtIon iS balAnced, the parts dON't woRk.
?????For the Davis plan to worK, seveRaL Key eLEmEnts nEed to coME tOGEthEr
Or UtiLiTY cUstomErs Will almOst certainLy fAcE rate increasES aBove the 19%
alrEadY set in motion:
?????* the Cost of PoWer PUrchaSed By the State mUSt be reDuced throUgH
Long-teRM contraCTS wIth tHe big out-of-state prODuCErs.
?????These contraCts, the DeTAiLS Of wHicH the Davis aDmInistRAtion haS KePT
COnfIDential, are stiLl being negoTIatEd by DaViS coNSultanT VikrAm bUdhRaja
of the PaSadeNa firm EleCtric POWer GrouP. the admiNistraTioN saYs it HAs
CoNclUdED 40 coNTrActS WitH generatOrS, aBout hAlf oF WHICh haVe bEen sIgned.
?????according to thE moSt reCEnt StatiStics ReleAsEd by tHe DepaRtmenT oF
Water Resources, WhicH buys poweR foR tHe sTaTe, curREnt priCes Are Still
weLl above THe rAtE STAtE Treasurer Phil AngeLiDES sAys is necEssary FOr A
pLAnned $10-bilLiOn bOnd oFFEring To suCCeEd.
?????The bonDs, set fOR sAlE in May, wIlL be useD tO reImbUrse tHE staTe for
tHe money iT will HAve spent by that TIme to buy electRIcITY. THE staTe iS
currently sPendINg at A ratE Of $58 MilLIon a dAy to bUy POwER. If prices
stay high, thE $10 bIllion In bonDs will not coveR the state's POWEr
purchaSes bY ThE End of the summer.
?????angelIdes says he CAnnot proCeed wIth bridgE financinG FOr the bonDs
uNtiL thE PuBLIc utilities CommISSion DeVises a fOrmUla to guAraNteE thAt a
PoRtion of utIlity bilLs WiLl Be DedIcateD To bond rePaYmeNt. angElideS Has
estImateD thaT, uNdER thE JanuarY LaW THat pUt ThE staTe iN tHe powEr buYIng
BusinesS, the state MusT Be reImBuRsed $2.5 bilLion annually, aNd That $1.3
billioN iS neEded to SERvice the Debt.
?????PUC Administrative LaW judge JoSepH R. DeULloa Is expecteD to AnnounCe
hIS rulinG on the ReimbUrSemENT rate LATeR thIs Week, leadinG TO a PuC votE
oN the Matter aS early as next week.
?????* ThE RatEs charged for eLecTricITY bY thE AlTErnAtIVe pRODucers, known
as quAlifying faCiLItIes, must be cUT at LeAst in haLf, down fRom an AVerage
oF more than 17 Cents per kIlOwatT-HOur. in his news cOnferencE Tuesday,
DAVis saID hE will

 thing as a partial soluti on. Unless  thewho leen ergy
eq uation is bala n ced,  the parts don't work.
???? ?F o r th e  D avisplan to wo r k , s ev er alke y  e lemen tsneed to  come toge the r
or utilityc us tomers wil l a lmost certai nly  facera tei ncrea ses  abov e the1 9%
al ready set  i n  motio n :
????? * Th e co st of power purch a se d  by the statemust b er ed u c edthr ough
long -t erm c o ntracts wi t h the big out-of-st ate produce r s.?????T he sec ontrac ts, t he det ails of whi ch t he Davisadmini s tration has kep t
con fid ent ial, ar esti ll bei n gneg o tia ted by D av is  cons ulta n t V ikra m B udhr aja of the Pasade nafirm Ele ctric  Powe r Gr ou p. Th e admi nistr at ion says it has
co ncluded 4 0 c on tra ct s wit h  gener ato rs,  abouthalf of whi ch h a ve  been signed.
???? ?A c c or ding tothe mo s tre c ent stat is tic s re l e asedby t h eDepartme nt ofWa te r Resou rc es, wh ic h b uys  powe r  for  the s tate, cu rrent prices are sti l l
well above th e ra t e st ate  TreasurerPhil Ange lide s  s ays is ne cessa ry fo r  a
planned $10-bil li on bon d off ering to succ eed.
????? T h e  bonds,setf or sale in May, w ill b e used tor eimburse  thestate fo r
the mo n e y it wil l h ave  sp ent b ythat time tob u y el ec tricity . T he stat e i s cur ren tl y spendin g at a r at eof  $ 58milli o n a dayto  bu ypow er. I f  price s
st ay h ig h, the  $10 bi l li o n  inbo nd s wi llno t cov er t h e s tate'spower
pu rch a sesby  t he endof the summer .?????Angel id essays h e cannot p roceed with bridge fina n cing fo r t he bo nds
until th e P ublicUti l itiesCommis sionde vis e s  a fo r m ul a t oguaranteet h ata
po rt ionof util ity bills will bed edi cated to bond  re paym e n t.  An g el i des  h a s e s timated that, u nder the J an u ar y law that put  t he stat e in th e pow e r buyin g
busine ss, the s ta te m u s t b e reimburs ed $2.5billion a n nuall y ,and t hat  $1.3
b ill ion i s need e d t o ser vice t he  debt.
???? ?P UC Admin istrative Law Judge Jos eph R.  DeUl loa  is expec ted toannounce
his  ruling on  th e r eimbu rse m ent r atel at ert his w eek, leading t o  a  PU C vo te
on them a t ter  as e arl y  as ne xt w eek.
?????* The r a tes charged fo r el e c tri cit y  byth e alternativepro du c e rs, know n
as qualify ing faci li t ies,must b e cutat leas t in half,down  fr om an ave rag eof more  t ha n  17 ce ntspe r kilo watt-h o ur.I n  his news confer enceT u esday ,
D avissa id he w i ll

 thing_as a_partial solution. Unless the_whole energy_
equation_is balanced,_the_parts don't work.
?????For_the Davis plan_to work, several key_elements need to_come_together
or utility customers will almost certainly face rate increases above the 19%
already_set_in motion:
?????*_The_cost_of power purchased by the_state must be reduced through_
long-term contracts_with the big out-of-state producers.
?????These contracts, the details_of_which the Davis_administration has kept
confidential, are still being negotiated by_Davis consultant Vikram Budhraja
of the_Pasadena firm Electric_Power_Group._The administration says it_has
concluded 40 contracts with generators,_about half of which have been_signed.
?????According to the most recent statistics released_by the Department of
Water Resources,_which buys power for the_state, current_prices are still
well above_the rate state_Treasurer Phil_Angelides says is_necessary for a
planned $10-billion bond_offering to succeed.
?????The_bonds, set for sale in May,_will_be used to_reimburse_the_state for_
the money it_will_have spent_by_that time to buy electricity. The_state_is
currently spending at a rate of_$58 million a day_to_buy power. If prices_
stay high, the $10 billion_in bonds will not cover the_state's power_
purchases by_the end of the summer.
?????Angelides says he cannot proceed with bridge_financing for the bonds
until the_Public Utilities Commission devises_a formula_to_guarantee that a_
portion_of utility_bills will be dedicated to bond repayment._Angelides has_
estimated that, under the January law_that put the state_in_the power buying
business, the state_must be reimbursed $2.5 billion annually,_and that $1.3
billion is_needed_to_service the debt.
?????PUC Administrative Law_Judge Joseph R. DeUlloa is expected_to announce
his_ruling on the reimbursement rate later this_week,_leading to a PUC vote
on_the_matter as early as next week.
?????*_The_rates_charged for electricity by the_alternative producers, known
as qualifying facilities,_must be cut at least in half, down from_an average
of_more than 17 cents per_kilowatt-hour._In_his news conference Tuesday,
Davis said he will


the Metro Point shopping center in Costa Mesa - went dark about 10:20 a.m.
"All of a sudden it was dark," said Henry Gonzalez, manager of Boudin Bakery.
"We ran out of coffee. We couldn't bake anything. We tried to accommodate as
best as we can."
Other stores simply closed during the blackout, frustrating shoppers.
"We walked over to (Marshalls) and it was dark and there was a sign on the
door that said 'Due to the blackout, we're closed,'" said shopper Roberta
Allison, a West Virginia tourist. "Don't they warn people here? Do they just
whack the power off?"
Marshalls employees escorted customers out of the store when the power went
out. Other stores, including Nordstrom Rack and Best Buy, were not affected.
Across the street from the center, employees spilled out of office buildings
cheering and waving their hands in victory as power outages forced them to
halt work.
"Lots of people just walked out of the office to run errands," said Amy
Bateman, a loan officer at Capital Funding Group in Costa Mesa.
She said her office building, at 940 South Coast Drive, went dark for about
70 minutes. Like dozens of others in the building, she was working at her
desk when the computers and lights went dark.
"We've just been sitting around. We can't do anything," said Bateman.
The blackout hit other businesses on Monday.
Buy.com employees spent their hour without power using their wireless
Blackberry pagers to answer and send e-mail.
The Crazy Horse Steakhouse in Irvine lost power after the lunch rush, said
Donna Mulkey, the restaurant's manager. Since the broilers remained hot, the
cooks kept cooking and the customers kept eating. When they finished, waiters
calculated the bills by hand.
At Broadcom Corp. in Irvine, the power went out just before Rep. Christopher
Cox was to tour the facility.
"It struck me as particularly ironic," Cox told members of the House
subcommittee on energy and air quality Tuesday, that Broadcom's co-founder,

the Metro Point shopping center in Costa Mesa - went dark about 10:20 a.m.
 " All of a sudden it was dark, " suppose Henry Gonzalez, director of Boudin Bakery.
 " We ran out of coffee. We couldn't bake anything. We test to accommodate as
 best as we can. "
 early stores simply closed during the amnesia, frustrating shopper.
 " We walked over to (Marshalls) and it was colored and there was a sign on the
 doorway that said' Due to the blackout, we're closed,' " said shopper Roberta
 Allison, a West Virginia tourist. " Don't they warn people here? Do they just
 whack the power off? "
 Marshalls employee escorted customers out of the store when the office went
 out. Other shop, including Nordstrom Rack and Best Buy, were not affect.
 Across the street from the center, employees spilled out of office buildings
 cheer and waving their hands in victory as power outages forced them to
 stem work.
 " Lots of people just walked out of the office to run errands, " said Amy
 Bateman, a loan military officer at Capital Funding Group in Costa Mesa.
 She said her office construction, at 940 South Coast Drive, go dark for about
 70 minutes. Like tons of others in the building, she was working at her
 desk when the computers and lights go dark.
 " We've just been sitting around. We can't do anything, " said Bateman.
 The amnesia hit other businesses on Monday.
 Buy.com employees spent their hour without power using their wireless
 Blackberry beeper to suffice and mail e - mail.
 The Crazy Horse Steakhouse in Irvine lost power after the lunch rush, said
 Donna Mulkey, the restaurant's manager. Since the broiler remained hot, the
 cooks kept fudge and the customers sustain eating. When they complete, waiters
 calculate the bills by hired hand.
 At Broadcom Corp. in Irvine, the power proceed out just before Rep. Christopher
 Cox was to tour the facility.
 " It struck me as particularly ironic, " Cox distinguish members of the House
 subcommittee on energy and air quality Tuesday, that Broadcom's co - founder,

thf Metro Point shopping ctnter in Costa Mesa - wenv dark zbout 10:20 a.o.
"All of a sudden it was darn," waid Yenry Gonzalez, manager of Boudij Bakery.
"We can out of coffex. We couldn't bzne auyvhing. We tried jo accommodade as
best as fe ccn."
Other stores simply closed during the blscnout, frustratigg snjppeds.
"We walked over to (Marshalls) and it was dark and thete was a sign on the
door hhat said 'Due to the bpackout, we'rg cljwed,'" said shooper Roberua
Allison, a West Virginia tourist. "Don't theh waru people hetz? Do jhey just
wheck thv power off?"
Marshalls employres escorted cmstomxrs iut of the store when the power went
ouj. Other stmrzs, including Nordstron Eack dnd Test Vuy, wede nkt afffctxd.
Across tge street feom the center, emplpyqvx spilled ouf of osfyce buildings
cheering and waving their hahds in victory as power outages forced them jo
halt wowk.
"Lots of people just walked out of the office tm run drrckqr," swid Amy
Bateman, a loan officer at Capital Funqjnb Nroup in Costa Mcsa.
She said her ogflcr building, at 940 South Cozst Drive, went darn for afout
70 minutes. Jike dozens of others in the buulding, she wcs qorking at her
desn when the eomputgrs anc lights went dark.
"We've jusf been sittlng arouns. We can't do anytfinn," sdid Bateman.
The blackout hyt other uusinzsses on Moncay.
Bur.com emplojees spent their hour wihhout pmwer using their wireless
Blackberry pagecx to answer sng svnd e-mail.
The Grazy Horse Stewkhouse in Irvnne lost powef after thv lunch rnsh, said
Donga Mulkey, the testaurant's menager. Sigce rhe vroilerr remained hot, yhe
cooks kept cookung and the customcrs kgpf eating. When tkty dinished, waiterx
cxlctlwtxd thq bills by hatd.
Ag Bfpadcoo Corp. in Ivvive, tne power went out juvt bsfore Rep. Christopnev
Cox was to tour the facility.
"It struck me as pwrticnlarly ironoc," Sox told members of the House
aubcommithee on energy agd alr qoality Tuesbay, that Broadcom's co-founder,

the Metro Point shopping center in Costa went about 10:20 "All of a Henry manager of Boudin "We ran out coffee. We couldn't bake anything. We to accommodate as best as we can." Other stores simply closed during the frustrating shoppers. "We walked over to (Marshalls) and it was dark and there a on door said 'Due to the blackout, we're closed,'" said shopper Roberta Allison, a West Virginia tourist. "Don't warn people here? Do they just whack the off?" Marshalls employees escorted out of the store when power out. Other including Rack Best Buy, were affected. Across the street from the center, employees spilled out of office buildings cheering and waving their in victory outages forced to work. of people just of the office to run errands," a loan officer at Capital Funding Group in Mesa. She her office building, at 940 South Drive, went dark for about 70 minutes. Like of others in the building, she was working at her desk when the computers and dark. "We've just been around. We can't anything," Bateman. blackout other businesses Monday. Buy.com employees spent their hour without power using their wireless pagers to answer and send e-mail. The Crazy Horse Steakhouse lost after the lunch said Donna Mulkey, the manager. the broilers remained hot, kept and eating. they waiters calculated the bills hand. At Broadcom Corp. in the power went out was to tour the facility. "It struck me particularly ironic," Cox told members of the subcommittee on energy and air quality Tuesday, that Broadcom's co-founder,

the Metro Point shopping centEr in Costa MEsa - weNt dArk AbOut 10:20 a.M.
"All Of a sudden it was DArk," sAid Henry Gonzalez, manageR of BoUdIN BakERy.
"we ran Out of coFFeE. wE coUlDn'T baKe ANyThing. we tRied to aCcommodate As
bEsT as we can."
OtheR StOres simply CloSed during the BlaCkout, fRuStrATing sHopPers.
"WE walkeD Over to (marshalls) AnD It was dARk and thERE wAs a sIgn on the
door that sAId 'dUe to the blackouT, we're cLoSEd,'" SAId sHopPer Roberta
alLison, A west VirGInIA TOurISt. "Don't they warN people here? dO thEy just
WhAck THe poweR off?"
MArSHalLs employees EscoRted custoMers ouT Of the stORe when tHe poweR weNt
oUt. OtHEr StOreS, iNCluDInG NoRDstRom Rack aNd beSt Buy, Were NOT AFfecTed.
acroSs the Street from the CenTer, eMPloYees sPilleD out Of OfficE buildIngs
cHeEring and waving tHeir Hands in viCtoRy As pOwEr outAGes forCed TheM to
halt Work.
"LotS Of pEoPLE JuSt walked out of the ofFiCE To Run erranDs," said aMy
baTEman, a loaN oFfiCer aT cApitaL FunDInG Group in costa MESa.
shE said heR oFfice bUiLdiNg, aT 940 SoutH coasT Drive, Went dark For abOUt
70 minutes. Like dOZens of others iN ThE BUiLDing, She Was working aT her
DEsk wHen tHE cOmpUTers aNd ligHtS WeNT dark.
"We've just been siTtIng aroUnd. We Can't do anythinG," said BatemAN.
tHe blackoUt hiT OtHEr businesses on mondaY.
Buy.com empLOyees speNt theIr hour wiThout poweR USing theiR wiRelEss
blaCKBeRry pagers to anSWEr anD sEnd e-maiL.
ThE Crazy HOrsE StEakHouSe In Irvine lOst power AfTeR tHe LunCh rusH, Said
DonnA MUlkEy, The RestaURant's mAnageR. SinCe ThE BroIlers reMAiNED hot, ThE
cOoks KepT cOokinG and THe cUstomerS kept eatiNg. WHEn thEy FiNished, wAiters
calculaTeD the bills bY hAnd.
at BroaDCOm Corp. in irvine, the power went out juST before rep. chrisTophEr
Cox was tO toUr the fAciLIty.
"It sTruck mE as paRtIcuLARly irONIc," cox ToLd members oF THe HOuse
sUbCommIttee on Energy and air qualitY tueSday, that BroadCom'S co-fOUNdEr,

the Metro Point shopping  center in  Cost a M esa  -  wen t da rk about 10:20 a.m.
"All of a sudden itwas d ar k ," s a id  Henr y Gonza l ez , man ag er  of  B o ud in Ba ker y.
"We  ran out o f c of fee. We coul d n' t bake any thi ng. We tried  to  accom mo dat e  as bes t aswe can . "
Oth er stores  s i mply c l osed du r i ng  the  blackout, frustr a ti n g shoppers.
" We wal ke d  o v e r t o ( Marshalls)  a nd it was dar k  a n d the r e was a signon the
doo r  th at sai d'Du e  to th e bla ck o ut,  we're clos ed,' " said sh opperR obertaAllison , a We stVir gini a  t ou ris t. "Do n 't  th e y w arn peop le  h ere?Do t h e y just
w hack  thepower off?" Mar shal l s e mploy ees e scor te d cus tomers  outof  the store when  the  power we nt
o ut.  O thers tores,  in clu ding No rdstrom Rac ka n d  B est Buy, were notaf f e ct ed.
Acr oss th e  s tr e et fromth e c ente r ,  empl oyee s  s pilled o ut ofo ff ic e build in gs
ch ee rin g a nd wa v ingtheirhands in  vict o ry as power ou t ages forced t h em t ohalt  wo rk.
"Lotsof p e ople  jus t  w alk e d out  of t he of f ice to run errands, "said A my
B ateman, a loa n officera t CapitalFund i ng Group in Costa  Mesa .
She sai d  her off ice b uilding,  at 940 S o u th Coast  Dr ive , w ent d ar k for about 7 0  min ut es. Lik e d ozens o f o the rsinth e buildin g, she w as  w or ki ngat he r
desk w he n t he  co mpute r s andlight s we nt  d a rk.
"We'v e  j u s t be en  s itti ngar ound.  Wec an' t do an ything,"sai d  Bat em an .
Theblackout hitot her busine ss eson Mon d a y.
Buy. com employees spent the i r hourwit houtpowe r using t hei r wire les s
Blac kberry  page rs  to a nswer a nd  se nd  e-mail. T h e C razyHo rseSteakho use in Irvine lost pow er after thelun ch r u s h,  sa i dDon na Mul k e y, the restaura nt's manag er .  S ince the b r oil er s remai ned hot , the
cookskept cook ing and t he  cus t o mer s kept eat ing. Whe n they fi n ished ,  w aiter s calcul at edthe b ills b y  ha nd. At Bro ad com Co rp. i nIrvine,the power went out just  befor e Rep . C hristophe r C oxwas to to ur t he facilit y.
"I t str uck me as  par t ic ula r ly ir onic , " Cox tol d  m emb e r sof the Hous e sub commi tte e  on en ergy  and air qualityT uesday, that B road c o m's  co - foun de r,

the_Metro Point_shopping center in Costa_Mesa -_went_dark about_10:20_a.m.
"All of_a sudden it_was dark," said Henry_Gonzalez, manager of_Boudin_Bakery.
"We ran out of coffee. We couldn't bake anything. We tried to accommodate_as_
best as_we_can."_
Other stores simply closed during_the blackout, frustrating shoppers.
"We_walked over_to (Marshalls) and it was dark and there_was_a sign on_the
door that said 'Due to the blackout, we're_closed,'" said shopper Roberta
Allison, a_West Virginia tourist._"Don't_they_warn people here? Do_they just
whack the power off?"_
Marshalls employees escorted customers out of_the store when the power went
out._Other stores, including Nordstrom Rack and_Best Buy, were not affected._
Across the_street from the center, employees_spilled out of_office buildings_
cheering and waving_their hands in victory as power_outages forced them_to
halt work.
"Lots of people_just_walked out of_the_office_to run_errands," said Amy_
Bateman,_a loan_officer_at Capital Funding Group in Costa_Mesa._
She said her office building, at 940_South Coast Drive, went_dark_for about
70 minutes._Like dozens of others in_the building, she was working at_her
desk_when the_computers and lights went dark.
"We've just been sitting around. We_can't do anything," said Bateman.
The_blackout hit other businesses_on Monday._
Buy.com_employees spent their_hour_without power_using their wireless
Blackberry pagers to answer_and send_e-mail.
The Crazy Horse Steakhouse in_Irvine lost power after_the_lunch rush, said
Donna Mulkey, the_restaurant's manager. Since the broilers remained_hot, the
cooks kept cooking_and_the_customers kept eating. When they_finished, waiters
calculated the bills by_hand.
At Broadcom_Corp. in Irvine, the power went out_just_before Rep. Christopher
Cox was to_tour_the facility.
"It struck me as_particularly_ironic,"_Cox told members of the_House
subcommittee on energy and air_quality Tuesday, that Broadcom's co-founder,


Basic Materials 1.15 %    Utilities -1.58 %    Communication -3.23 %   Consumer Staples 0.28 %  Capital Goods -0.07 %  Energy -0.7 %    Financial -0.28 %  Consumer Cyclicals 0.64 %   Health Care 1.36 %   Technology -3.76 %   Transport -0.24 %   (Mouse over for detail, click to launch Map of the Market) January 22, 2002  The Closing Bell Day of Fresh Starts Ends in Tears  By Igor Greenwald Good news out of Lucent and Amazon did little to halt techs' slide. The earnings flood was overshadowed by Kmart's bankruptcy, Tyco's breakup and Willamette's shotgun wedding, as creditors and investors pressured managers into actions they'd long resisted. Daily Briefing  Stocks to Watch   Today's Top Stories [IMAGE] [IMAGE] Common Sense No Cause for Alarm[IMAGE]  [IMAGE] By James B. Stewart [IMAGE] Tyco has been dogged for years by allegations of accounting abuses. That's been good for long-term investors like me.  [IMAGE] Stock Watch Dennis Kozlowski Wants to Make You Rich...  By Roben Farzad...And he's splitting up his company, Tyco International, to prove it.  [IMAGE] Tradecraft Less Is More[IMAGE]  [IMAGE] By Jonathan Hoenig [IMAGE] Experienced traders know the best gambles are often the ones you don't take.  More Articles    Advertisement Haven't refinanced yet?  Take advantage of the lowest mortgage rates in years.  Save big with IndyMac Bank, the #1 rated mortgage website by Gomez.com the last 4 quarters.  IndyMac Bank guarantees to beat, not meet, any mortgage by $300.  Click below for a free quote: http://quinst.com/clk/ausachenzurtzworiensper   Mutual Fund News [IMAGE] Week in Funds Greenspan Casts His Shadow  By June Kim The Fed chief said the economic outlook isn't as rosy as some would like to believe. Most equity funds fell.  [IMAGE] Fund FAQs When Your Mutual Fund Gets Sued  By June Kim Does a class-action lawsuit against a mutual fund have adverse effects on the fund or its shareholders?   More Articles    Advertisement [IMAGE]

Basic Materials 1.15%     Utilities -1.58%     Communication -3.23%    Consumer Staples 0.28%   Capital Goods -0.07%   Energy -0.7%     Financial -0.28%   Consumer Cyclicals 0.64%    Health Care 1.36%    Technology -3.76%    Transport -0.24%    (Mouse over for detail, snap to establish Map of the Market) January 22, 2002   The Closing Bell Day of Fresh Starts Ends in Tears   By Igor Greenwald Good news out of Lucent and Amazon did fiddling to halt techs' chute. The wage flood was overshadow by Kmart's bankruptcy, Tyco's breakup and Willamette's shotgun wedding, as creditor and investors pressured managers into actions they'd long resist. Daily Briefing   Stocks to determine    Today's Top Stories [ IMAGE ] [ IMAGE ] Common Sense No Cause for Alarm[IMAGE ]   [ IMAGE ] By James B. Stewart [ IMAGE ] Tyco has been dogged for class by allegation of accounting abuses. That's been good for farseeing - term investors like me.   [ IMAGE ] Stock Watch Dennis Kozlowski Wants to Make You Rich...   By Roben Farzad... And he's divide up his company, Tyco International, to prove it.   [ IMAGE ] Tradecraft Less Is More[IMAGE ]   [ IMAGE ] By Jonathan Hoenig [ IMAGE ] Experienced traders know the good gambles are often the ones you don't take.   More Articles     Advertisement Haven't refinanced so far?   Take advantage of the lowest mortgage rates in years.   Save big with IndyMac Bank, the # 1 rated mortgage website by Gomez.com the last 4 quarters.   IndyMac Bank guarantee to beat, not meet, any mortgage by $ 300.   cluck downstairs for a free quote: http://quinst.com/clk/ausachenzurtzworiensper    Mutual Fund News [ IMAGE ] Week in Funds Greenspan Casts His Shadow   By June Kim The Fed chief say the economic outlook isn't as rosy as some would like to think. Most equity funds fell.   [ IMAGE ] Fund FAQs When Your Mutual Fund Gets Sued   By June Kim Does a class - action lawsuit against a mutual fund have adverse effects on the store or its shareholders?    More Articles     ad [ IMAGE ]

Basic Materials 1.15 %    Uuilities -1.58 %    Communicatmon -3.23 %   Consumef Staples 0.28 %  Capital Goods -0.07 %  Wnergt -0.7 %    Financial -0.28 %  Covsumer Cyblicals 0.64 %   Htalth Care 1.36 %   Tergnology -3.76 %   Tdwnspmct -0.24 %   (Mouse ovgr for detain, click to lautcf Lap of the Market) January 22, 2002  The Cljsing Brlp Day of Fresh Stagtf Enss in Tears  By Igor Greenwald Goos news mut of Lucent and Amazon did little to jalt techs' slide. The ewrnings floid www overshadowdd by Kmaru's bankruptci, Tyco's breakup and Willamette's rhotgbn wedding, qs crfgitors and mnvestjrs pressured managess into actions they'd loig rwsisted. Daily Briefinj  Stocks to Watch   Today's Tmp Stories [IMAGE] [IMQGW] Comkon Vensd No Cahsx fkr Alagm[IJAGE]  [IMAGS] By James V. Stewart [IMAGE] Tycp rqs been dogges for rewrs by allegations of accounting abuses. Thzt's been good for long-twrm investors like me.  [IMAGE] Seock Watch Dennis Kozlowski Wants to Make You Ricv...  By Fobtn Farzxe...Ajd he's splitting up his company, Tyco Internatyknsl, to prove it.  [LMAGE] Tradecraft Lrsd Of More[IMAGE]  [KMAGE] Yg Nonathan Hoenig [IMWGE] Expgriencwd traderf knpw the best gambles are oftwn the ones jou eon't take.  More Arcicles    Adrertisgment Naven't refinanced yet?  Cake asvantage of the loweag mortgage rates in yaars.  Save big with IndyMas Bank, thx #1 raced morteage websiee by Gomex.com bve last 4 quarters.  IndyLaw Bank guagantees to beat, not meet, any mocvgage by $300.  Clocn bvlow for c free quote: http://quynst.com/clk/ausaehenzurtvworievsper   Munual Fund News [IMAGE] Week in Fundv Greenspan Cests His Fhadiw  Vy June Yim The Fed choef said nht economic outlook isn't as rpsy zs some would lnyt ro believe. Mosy eduiey fnnds sall.  [IMAGE] Fgnd WAQr When Your Mutuao Func Gets Sued  By June Kim Does a class-actiom jawsuit qgainst w mutual fund have adverse effefts oi the hund ot ijs shareholders?   More Articles    Adverhiscment [IMAGE]

Basic Materials 1.15 % Utilities -1.58 % % Staples 0.28 Capital Goods -0.07 -0.28 Consumer Cyclicals 0.64 Health Care 1.36 Technology -3.76 % Transport -0.24 % over for detail, click to launch Map of the Market) January 22, 2002 Closing Bell Day of Fresh Starts Ends in Tears By Igor Greenwald Good out Lucent Amazon little to halt techs' slide. The earnings flood was overshadowed by Kmart's bankruptcy, Tyco's breakup and shotgun wedding, as creditors and investors pressured managers actions they'd long resisted. Briefing Stocks to Watch Today's Stories [IMAGE] Common No for [IMAGE] By James Stewart [IMAGE] Tyco has been dogged for years by allegations of accounting abuses. That's been good for investors like Stock Watch Kozlowski to You Rich... By he's splitting up his company, Tyco it. [IMAGE] Tradecraft Less Is More[IMAGE] [IMAGE] By Hoenig [IMAGE] traders know the best gambles are the ones you don't take. More Articles Advertisement refinanced yet? Take advantage of the lowest mortgage rates in years. Save big with IndyMac #1 rated mortgage website Gomez.com the last quarters. Bank to not meet, mortgage by $300. Click below for a free quote: http://quinst.com/clk/ausachenzurtzworiensper Mutual News [IMAGE] Week in Funds Greenspan Casts His Shadow By The chief said the outlook isn't as rosy some like to believe. Most fell. Fund Mutual Gets By June Kim Does class-action lawsuit against a mutual have adverse effects on More Articles Advertisement [IMAGE]

Basic Materials 1.15 %    Utilities -1.58 %    CoMmunicatioN -3.23 %   ConsUmeR StApLes 0.28 %  CApitAl Goods -0.07 %  Energy -0.7 %    FINancIal -0.28 %  Consumer Cyclicals 0.64 %   HeAlth CArE 1.36 %   techNOlOgy -3.76 %   TrAnsport -0.24 %   (mOuSE OveR fOr DetAiL, ClIck to LauNch Map oF the Market) janUaRy 22, 2002  The Closing bElL Day of FresH StArts Ends in TeArs  by Igor grEenWAld GoOd nEws ouT of LucENt and AMazon did lItTLe to haLT techs' sLIDe. the eArnings flood was ovERsHAdowed by Kmart's BankruPtCY, TYCO's bReaKup and WillAmEtte's SHotgun wEDdING, As cREditors and invEstors pressURed ManageRs IntO ActionS they'D lONg rEsisted. DailY BriEfing  StocKs to WaTCh   Today'S top StorIes [IMAgE] [ImAGe] ComMOn seNse no cAusE FoR AlARm[ImAGE]  [IMAGe] BY JAmes B. stewART [imAGE] tycO has Been dOgged for years By aLlegATioNs of aCcounTing AbUses. THat's beEn gooD fOr long-term invesTors Like me.  [IMAgE] SToCk WAtCh DenNIs KozlOwsKi WAnts to MAke You RICh...  BY ROBEN FArzad...And he's splittiNg UP HiS company, tyco InTErNaTIonal, to pRoVe iT.  [IMAge] tradeCrafT leSs Is More[iMAGE]  [ImaGe] BY JonathAn hoenig [iMaGE] expErienCEd trAders kNow the beSt gamBLes are often the ONes you don't takE.  moRE arTIcleS    AdVertisement haveN'T refInanCEd Yet?  tAke adVantaGe OF tHE lowest mortgage rateS iN years.  save bIg with IndyMac bank, the #1 ratED MOrtgage wEbsiTE bY gomez.com the lasT 4 quarTers.  IndyMaC bank guarAnteeS to beat, nOt meet, any MORtgage by $300.  cliCk bEloW foR A FrEe quote: http://quINSt.coM/cLk/ausacHenZurtzwoRieNspEr   MUtuAl fund News [ImAGE] Week In fuNdS GReeNspan cAsts His SHaDow  by junE Kim THE Fed chIef saId thE eCoNOmiC outlooK IsN'T As roSy As Some WouLd Like tO belIEve. most equIty funds fEll.  [imAGE] fuNd fAQs WheN Your Mutual FuNd gets Sued  By juNe KIm Does A CLass-actiOn lawsuit against a mutual FUnd have AdvErse eFfecTs on the fuNd oR its shAreHOlders?   more ArTicleS    ADveRTIsemeNT [iMaGE]

Basic Materials 1.15%    Utili ties-1. 58%   C ommu nication -3.23 %  Consumer Staples 0.28%  Ca pi t al G o od s -0. 07 %  E n er g y  -0 .7  %    F i na ncial  -0 .28 % Consumer C ycl ic als 0.64 % He alth Care1.3 6 %   Techno log y -3.7 6% Trans por t -0. 24 % (Mouse  over for  d e tail,c lick to l au nchMap of the Market )  J a nuary 22, 2002   TheCl o si n g  Be llDay of Fre sh  Star t s Endsi nT e a rsBy Igor Green wald Good n e wsout of  L uce n t andAmazo nd idlittle to h alttechs' sl ide. T h e earni n gs floo d wasove rsh adow e dby  Km ar t 'sb an kru p tcy , Tyco's  b re akupandW i l l amet te' s sh otgun  wedding, ascre dito r s a nd in vesto rs p re ssure d mana gersin to actions they 'd l ong resis ted .Dai ly  Brie f ing  S toc ksto Watc h   Tod a y's  T o p St ories [IMAGE] [IMA GE ] Co mmon Sen se NoC au se for Alar m[ IMA GE][ IMAGE ] By Ja mes B. S tewart [I MA GE] Tyc ohas be en  do gge d for year s by a llegatio ns of accounting abu s es. That's be e ng o od forlon g-term inve stor s  lik e me .  [IM A GE] S tockWa t ch Dennis Kozlowski Wa nt s to M ake Y ou Rich...  B y Roben Fa r z a d...Andhe's sp l itting up hiscompa ny, Tyco I n ternatio nal,to prove  it.  [IM A G E] Trade cra ftLes s I s Mo re[IMAGE]  [I M A GE]By  Jonath anHoenig[IM AGE ] E xpe ri enced tra ders kno wth ebe stgambl e s are of te n t he  on es yo u  don't  take .  M or eA rti cles  Ad v e rtis em en t Ha ven 't  refi nanc e d y et?  Ta ke advant age of t he  l owest m ortgage rates  i n years. Sa vebig wi t h  IndyMac  Bank, the #1 rated mor t gage we bsi te by  Gom ez.com th e l ast 4qua r ters. IndyM ac Ba nk  gu a r antee s to  be at , not meet , any  mort ga ge b y $300.   Click below fora  fr ee quote: htt p:/ /qui n s t. com / cl k /au sa c hen z u rtzworiensper  Mutual Fu nd Ne ws [IMAGE] Wee kin Fund s Green spanC asts Hi s Shadow By JuneKi m Th e Fed  chief sai d the ec onomic ou t looki sn 't as  ro sy asso mewould  liket o b eliev e. Mos tequity  fund sfell.  [ IMAGE] Fund FAQs When Y our Mu tualFun d Gets Su edByJune KimDoes  a class-a cti onlawsu ita gains t am ut ual fundhave adverse e f fe cts o nthe fund or i t s s hareh old e rs?  More  Articles    Adve r tisement [IMAG E]

_ _ Basic Materials 1.15_% __ Utilities_-1.58_%  _ Communication -3.23_%   Consumer_Staples 0.28 %__Capital Goods -0.07 %  Energy -0.7 %    Financial -0.28 %__Consumer Cyclicals_0.64_%_  Health Care 1.36_%   Technology -3.76_% _ Transport -0.24 %   (Mouse over_for_detail, click to_launch Map of the Market) January 22, 2002 _The Closing Bell Day of Fresh_Starts Ends in_Tears__By Igor Greenwald Good_news out of Lucent and Amazon_did little to halt techs' slide._The earnings flood was overshadowed by Kmart's_bankruptcy, Tyco's breakup and Willamette's shotgun_wedding, as creditors and investors_pressured managers_into actions they'd long resisted._Daily Briefing _Stocks to_Watch  _Today's Top Stories [IMAGE] [IMAGE] Common_Sense No Cause_for Alarm[IMAGE]  [IMAGE] By James_B._Stewart [IMAGE] Tyco_has_been_dogged for_years by allegations_of_accounting abuses._That's_been good for long-term investors like_me._ [IMAGE] Stock Watch Dennis Kozlowski Wants_to Make You Rich...__By Roben Farzad...And he's_splitting up his company, Tyco_International, to prove it.  [IMAGE]_Tradecraft Less_Is More[IMAGE]_ [IMAGE] By Jonathan Hoenig [IMAGE] Experienced traders know the best_gambles are often the ones you_don't take.  More_Articles __ Advertisement Haven't_refinanced_yet? _Take advantage of the lowest mortgage rates_in years._ Save big with IndyMac Bank,_the #1 rated mortgage_website_by Gomez.com the last 4 quarters._ IndyMac Bank guarantees to beat,_not meet, any mortgage by_$300.__Click below for a free_quote: http://quinst.com/clk/ausachenzurtzworiensper   Mutual Fund_News [IMAGE] Week_in Funds Greenspan Casts His Shadow _By_June Kim The Fed chief said_the_economic outlook isn't as rosy as_some_would_like to believe. Most equity_funds fell.  [IMAGE] Fund FAQs_When Your Mutual Fund Gets Sued  By June_Kim Does a_class-action lawsuit against a mutual_fund_have_adverse effects on the fund or its shareholders?  _More Articles_  _Advertisement [IMAGE]


., 3/21:  "New York at the Crossroads"

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--------------------------------------------------------------
Calif. Officials Order Blackouts
By PAUL CHAVEZ, Associated Press Writer
LOS ANGELES (AP) - State power managers ordered rolling blackouts across
California for a second straight day Tuesday as demand for electricity again
exceeded supply.
The same factors that collided to strap California's power supply on Monday
hit again, officials with the Independent System Operator said. Those include
reduced electricity imports from the Pacific Northwest, numerous power plants
offline for repairs and higher-than-expected demand because of warm
temperatures.
A two-unit Southern California plant that the ISO hoped would be working
Tuesday had not been fixed. One of its units might go online at noon to help
the situation, the ISO's Jim Detmers said.
In addition, hydroelectric power imports from the Northwest were 800
megawatts lower than Monday, he said. The ISO oversees most of the state's
power grid.
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---------------------------------------------------------------------------
California Panel to Order Utilities to Make $1 Billion in Back Payments
By Jason Leopold

03/20/2001
Dow Jones Business News
(Copyright (c) 2001, Dow Jones & Company, Inc.)

Dow Jones Newswires
LOS ANGELES -- The California Public Utilities Commission will order Edison
International's Southern California Edison and PG&E Corp.'s Pacific Gas &
Electric unit to pay small power generators that are qualified utilities
about $1 billion in past-due payments in order to keep the plant owners from
dragging the utilities into an involuntary bankruptcy proceedings, and to
also ensure the generation units keep pumping out electricity, people
familiar with the matter told Dow Jones Newswires late Monday.
Gov. Gray Davis, state Sen. Debra Bowen, and Assemblymembers Fred Keeley and
Robert Hertzberg, all Democrats, spent most of the day y trying to hammer out
an agreement with the so-called qualifying facilities, alternative power
producers that use the wind, sun, steam and biomass to generate electricity
for the state, on supply contracts and past payments the utilities failed to
make.
The qualifying facilities,

., 3/21:   " New York at the Crossroads "

 ------------------------------------------------------------------------------
 --------------------------------------------------------------
 Calif. Officials Order Blackouts
 By PAUL CHAVEZ, Associated Press Writer
 LOS ANGELES (AP) - State power managers order rolled blackouts across
 California for a second straight sidereal day Tuesday as demand for electricity again
 exceed supply.
 The like agent that collided to flog California's exponent supply on Monday
 score again, officials with the Independent System Operator said. Those admit
 reduced electricity imports from the Pacific Northwest, numerous power plants
 offline for repairs and higher - than - expected requirement because of warm
 temperatures.
 A two - unit Southern California plant that the ISO hop would be working
 Tuesday had not been fixed. One of its units might go online at noon to help oneself
 the situation, the ISO's Jim Detmers said.
 In addition, hydroelectric power imports from the Northwest were 800
 megawatt lower than Monday, he said. The ISO oversees most of the state's
 power grid.
 ------------------------------------------------------------------------------
 ---------------------------------------------------------------------------
 California Panel to arrange Utilities to Make $ 1 Billion in Back Payments
 By Jason Leopold

 03/20/2001
 Dow Jones Business News
 (Copyright (c) 2001, Dow Jones & Company, Inc.)

 Dow Jones Newswires
 LOS ANGELES -- The California Public Utilities Commission will order Edison
 International's Southern California Edison and PG&E Corp.'s Pacific Gas &
 Electric unit to pay small power generators that are certified utilities
 about $ 1 billion in past - ascribable requital in decree to keep the plant owners from
 dragging the utilities into an involuntary bankruptcy proceedings, and to
 also ensure the coevals units keep pumping out electricity, people
 familiar with the matter assure Dow Jones Newswires late Monday.
 Gov. Gray Davis, state Sen. Debra Bowen, and Assemblymembers Fred Keeley and
 Robert Hertzberg, all Democrats, spent most of the day y judge to forge out
 an agreement with the so - called qualifying facilities, alternative power
 producers that use the fart, sun, steam and biomass to generate electricity
 for the state, on supply contract and past payments the utilities fail to
 make.
 The modification facilities,

., 3/21:  "Jew York at the Crossroaas"

------------------------------------------------------------------------------
--------------------------------------------------------------
Calif. Officials Ordec Blackkuts
By OAUL CHAVEZ, Associated Press Weiter
LOS ANGELES (AP) - State power majagers oedertd rolling blackonfs across
Caljnornic hor a second sttaight day Tgesday as dematd flr electricity again
exceeded supplr.
The ssmf factors that colkyded no strap California's power suppmy on Mmnday
hit agaon, officials with the Indeoendfnt System Operatog said. Thosg insoude
reduced electriciuy imports ftom the Pacific Northwest, numerojs pocer plants
ifdlijg for repairw and higher-than-ewiected gemand necause of wark
txmpeeatures.
A two-unit Souvhern California plagt that tve ISO hoped would ve workhng
Duesaqy fad npt been vixxd. One of ifs units mitht go online at nopn np help
the sjtuatijn, the ISO's Jim Detmers said.
In addition, vyddoelectric power importw from the Northwest aere 800
megwwatts lower than Monday, he said. The ISO oversees most uf uhc rrahe's
power grid.
------------------------------------------------------------------------------
---------------------------------------------------------------------------
California Panel to Order Utilyfits no Make $1 Billion ln Back Payments
By Jwspg Leopold

03/20/2001
Dow Gones Yhsjness News
(Copyrighh (c) 2001, Dor Jonws & Compagy, Imc.)

Dow Jones Newswires
LOS ABGELES -- The Balidornia Public Utilnties Commisrion will order Edison
Internatiunal'a Southern Faliforniz Edison and PG&E Zori.'s Pdcific Gas &
Electric unit eo pay smell ppwer geverajors thwt are quapified utilities
about $1 hilliln in past-duf payments in order to keep the plant owners grmm
gragging the mtilities into wn involuntary bankru'tcy pfoceedings, and to
also ensurq the generathln units kee' pumping out elextricith, people
familisr with tkt matter tild Dow Jones Newsxirer late Monday.
Gov. Grqy Davis, state Xen. Defrw Uowen, dnd Assemblykembdrs Gred Yeeley and
Vobdrt Nertzberg, all Democrdts, apent most of the can y tryint to hamier out
an agteement with the sl-callxd quauifyimg sacilities, alternative power
pdoducers hhab use the winq, suk, stgam and biokass to generate electricity
for the stete, on supply contracts and past payments jhe utilities hailed to
make.
Dhe qualifying faciluties,

., 3/21: "New York at the Crossroads" Calif. Order Blackouts PAUL CHAVEZ, Associated - power managers ordered blackouts across California a second straight day Tuesday as for electricity again exceeded supply. The same factors that collided to strap California's supply on Monday hit again, officials with the Independent System Operator said. Those reduced imports the Northwest, numerous power plants offline for repairs and higher-than-expected demand because of warm temperatures. A two-unit California plant that the ISO hoped would be Tuesday had not been One of its units might online noon to the the Jim Detmers said. addition, hydroelectric power imports from the Northwest were 800 megawatts lower than Monday, he said. The ISO most of power grid. --------------------------------------------------------------------------- Panel Order Utilities to Billion in Back Payments By Jason Jones Business News (Copyright (c) 2001, Dow Jones Company, Inc.) Jones Newswires LOS ANGELES -- The Public Utilities Commission will order Edison International's Southern Edison and PG&E Corp.'s Pacific Gas & Electric unit to pay small power generators that utilities about $1 billion past-due payments in to the owners dragging the into an involuntary bankruptcy proceedings, and to also ensure the generation keep pumping out electricity, people familiar with the matter told Newswires Monday. Gov. Gray state Sen. Debra Bowen, Assemblymembers Keeley and Robert Hertzberg, spent of trying hammer an agreement with the qualifying facilities, alternative power producers use the wind, sun, electricity for the state, on supply contracts and payments the utilities failed to make. The facilities,

., 3/21:  "New York at the Crossroads"

------------------------------------------------------------------------------
--------------------------------------------------------------
CalIf. OfficialS OrdeR BlAckOuTs
By pAUL cHAVEZ, AssociatED PreSs Writer
LOS ANGELES (AP) - StAte poWeR ManaGErS ordeRed rollINg BLAckOuTs AcrOsS
caLiforNia For a secOnd straighT daY TUesday as demaND fOr electricIty Again
exceedeD suPply.
ThE sAme FActorS thAt colLided tO Strap CAlifornia'S pOWer supPLy on MonDAY
hIt agAin, officials with tHE INDependent SysteM OperaToR SaID. thoSe iNclude
reduCeD elecTRicity iMPoRTS FroM The Pacific NorThwest, numerOUs pOwer plAnTs
oFFline fOr repAiRS anD higher-than-ExpeCted demanD becauSE of warm
TEmperatUres.
A tWo-uNit soutHErN CAliFoRNia PLaNt tHAt tHe ISO hopEd WoUld be WorkING
tUesdAy hAd noT been Fixed. One of its UniTs miGHt gO onliNe at nOon tO hElp
thE situaTion, tHe iSO's Jim Detmers sAid.
IN addition, HydRoEleCtRic poWEr impoRts FroM the NorThwest wERe 800
mEgAWATtS lower than Monday, he SaID. thE ISO overSees moST oF tHE state's
pOwEr gRid.
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---------------------------------------------------------------------------
CALIfornIa PaNEl To Order UTilitiES tO MAke $1 BillIoN in BacK PAymEntS
By JaSOn LeOpold

03/20/2001
DOw Jones BUsineSS News
(Copyright (C) 2001, dow Jones & CompaNY, INC.)

doW joneS NeWswires
LOS AnGELes -- The caliFOrNia pUblic utiliTiES COMmission will order EdIsOn
InteRnatiOnal's Southern california eDISon and PG&e CorP.'S PACific Gas &
ElectrIc uniT to pay smalL Power genEratoRs that arE qualifieD UTilities
AboUt $1 bIllIon IN PaSt-due payments IN OrdeR tO keep thE plAnt owneRs fRom
DraGgiNg The utilitIes into aN iNvOlUnTarY bankRUptcy proCeEdiNgS, anD to
alSO ensurE the gEnerAtIoN UniTs keep pUMpING out ElEcTricIty, PeOple
fAmilIAr wIth the mAtter told dow jOnes neWsWires laTe Monday.
Gov. GrAy davis, state seN. DeBra BowEN, And AssemBlymembers Fred Keeley and
rObert HeRtzBerg, aLl DeMocrats, spEnt Most of The DAy y tryIng to hAmmer OuT
an AGReemeNT WiTh tHe So-called quALIfyIng faCiLitiEs, alterNative power
produceRS thAt use the wind, sUn, sTeam AND bIomASs TO geNeRAte ELEctricity
for the State, on supPlY CoNtracts and PAst PaYments tHe utiliTies fAIled to
mAke.
The quaLifying faCiLitiES,

., 3/21:  "New York at the  Crossroad s"

- --- --- -- ---- ---- -------------- - ---- ---------------------- ----- -- - ---- - -- -----
------ - -- - - --- -- -- --- -- - -- ----- --- ------- ---------- --- -- ------
Calif .  O fficials O rde r Blackouts
By  PAULCH AVE Z , Ass oci atedPressW riter
LOS ANGE LE S  (AP)-  Statep o we r ma nagers ordered ro l li n g blackouts ac ross Ca l if o r nia  fo r a second  s traig h t day T u es d a y  as demand for el ectricity a g ain
exce ed eds upply.
The  s a mefactors tha t co llided to  strap Califor n ia's po wer su ppl y o n Mo n da y
hi ta gai n ,off i cia ls withth eIndep ende n t S yste m O pera tor s aid. Those in clu de r edu ced e lectr icit yimpor ts fro m the  P acific Northwes t, n umerous p owe rpla nt s
of f line f orrep airs an d highe r -th an - e x pe cted demand becaus eo f  w arm
tem peratu r es .A two-un it  So uthe r n  Cali forn i aplant th at the IS Ohoped w ou ld bewo rki ng
Tues d ay h ad not  been fi xed.O ne of its unit s  might go onl i ne a tn oontohelp
the s itua t ion,  the IS O's Jim D etmer ss ai d .
In addition, hyd ro electr ic po wer imports f rom the No r t h west wer e 80 0  m egawatts lower  than  Monday, h e  said. T he IS O overse es most o f the stat e's
p owe r g r i d.
----------- - - ---- -- ------- --- ------- --- --- --- --- -- --------- -------- -- -- -- -- ---
---- - -------- -- --- -- --- ----- - ------ ----- ---- -- -- - --- ------- - -- - - ---- -- -- ---Cal if ornia  Pan e l t o Order  Utilitie s t o  Mak e$1  Billio n in Back Pay me nts
By Jas on  Le opold0 3/20/200 1
Dow Jones Business Ne w s
(Copy rig ht (c ) 20 01, Dow J one s & Co mpa n y, Inc .)

Do w Jon es  Ne w s wires LO S A NG ELES -- Th e Cal iforn ia  Pub lic Uti lities Commissionw ill  order Edison
I nter n a ti ona l 's Sou th e rnC a lifornia Edison  and PG&ECo r p. 's Pacific Gas  &
Elect ric uni t top ay smal l power g enerators  t hata r e q ualified u tilities
about $ 1  bill i on  in p ast -due p ay men ts in  order tokeepthe pl an t owne rs fr om
draggi ng the utilities into a n invo lunta rybankruptc y p r oce edings, a nd t o
also en sur e t he ge ner a tionunit s  k eep pumpi ng o u t electri c it y,p e op le
familia r w ith  themat t er tol d Do w Jones Newswires late Monday.
G ov.G r ayDav i s, s ta te Sen. DebraBow en , and Asse mb lymembers F red Keel ey and Robert  Hertz berg, a l l  D e mocrat s, s pen t most of  th ed ay y tr yi ng to ham merou t
anagreem e nt w i t h the so-calledquali f y ing f a cil ities ,alterna t ivepower
pro ducers that  use t he w ind,sun, st ea m andbio ma ss to gene r ate elect ricit y
forth e st ate , on s uppl y contr acts  a ndpast paym e n ts th eu til itie s fai le d to
make. T he quali fyi n g facil it ies ,

., 3/21:_ "New_York at the Crossroads"

------------------------------------------------------------------------------
--------------------------------------------------------------
Calif._Officials Order_Blackouts_
By PAUL_CHAVEZ,_Associated Press Writer_
LOS ANGELES (AP)_- State power managers_ordered rolling blackouts_across_
California for a second straight day Tuesday as demand for electricity again
exceeded supply._
The_same factors_that_collided_to strap California's power supply_on Monday
hit again, officials_with the_Independent System Operator said. Those include
reduced electricity_imports_from the Pacific_Northwest, numerous power plants
offline for repairs and higher-than-expected_demand because of warm
temperatures.
A_two-unit Southern California_plant_that_the ISO hoped would_be working
Tuesday had not been_fixed. One of its units might_go online at noon to help
the_situation, the ISO's Jim Detmers said._
In addition, hydroelectric power imports_from the_Northwest were 800
megawatts lower_than Monday, he_said. The_ISO oversees most_of the state's
power grid.
------------------------------------------------------------------------------
---------------------------------------------------------------------------
California_Panel to Order_Utilities to Make $1 Billion in_Back_Payments
By Jason Leopold

03/20/2001
Dow_Jones_Business_News
(Copyright (c)_2001, Dow Jones_&_Company, Inc.)

Dow_Jones_Newswires
LOS ANGELES -- The California_Public_Utilities Commission will order Edison
International's Southern_California Edison and PG&E_Corp.'s_Pacific Gas &
Electric_unit to pay small power_generators that are qualified utilities
about_$1 billion_in past-due_payments in order to keep the plant owners from
dragging the_utilities into an involuntary bankruptcy proceedings,_and to
also ensure_the generation_units_keep pumping out_electricity,_people
familiar_with the matter told Dow Jones Newswires_late Monday.
Gov._Gray Davis, state Sen. Debra Bowen,_and Assemblymembers Fred Keeley_and_
Robert Hertzberg, all Democrats, spent most_of the day y trying to_hammer out
an agreement with_the_so-called_qualifying facilities, alternative power
producers_that use the wind, sun, steam_and biomass to_generate electricity
for the state, on supply_contracts_and past payments the utilities failed_to_
make.
The qualifying facilities,