It sued the PUC in November to force a rate hike to help it recover past costs as well as current cost overruns. And plaintiff is advised to carefully circumscribe future descriptions both inside and outside of the courtroom. California entered its fifth week of Stage 3 power alerts Monday, but no blackouts were expected. PUC attorney Harvey Morris said the regulatory agency plans to open hearings Thursday to examine the audits of Edison's finances. He said those hearings, coupled with continuing negotiations between the utilities and state officials, have eliminated the urgent need for a rate increase.
Every day increases the risk.
Lockyer, the attorney general, said state policy-makers could solve Edison's debt problems more quickly than the courts. We think it can be resolved in three weeks. Wall Street analysts said Monday's decision alone would not move Edison closer to bankruptcy. Lockyer came to Los Angeles to ask the court to delay or deny Edison's preliminary injunction request so the governor and lawmakers would have more time to reach a political settlement. The judge refused to allow his arguments but left open the possibility that the state could intervene in the case at a later date.