Financial services are a lot more date-dependent than manufacturing. Ninety-eight percent correct is not going to cut it. Bank of America Group Executive Vice President Cheryl Kane. We re no longer at the point of asking whether or not there will be any power disruptions, but we are now forced to ask how severe the disruptions are going to be. Head of the Federal Energy Regulatory Commission, James Hoecker.
Electric power is the critical utility.
Trains, heat, refrigeration, water supplies all go. And that s despite the industry spending more than two years and billions of dollars to rid their systems of Year 2000 bugs. Fire and police department dispatch systems are vulnerable, too, the FCC says. FCC Commissioner Michael Powell says the vast majority of police and fire equipment is not Year 2000 compliant. The telecommunication industry trails banks and insurers in fixing Year 2000 bugs.