He said he hoped the agreement would be final next week. Edison issued a written statement saying approval by the company's board is still needed. Standing alone, however, the deal is of little consequence. Sempra spokesman Michael Clark said the company had no comment on Davis' announcement but that talks with the Governor's Office are expected to continue. Davis, who travels to Washington, D.C., this weekend for a national governors conference, has portrayed the purchase of the state's 26,000 miles of transmission lines as a pathway out of the energy crisis that has sullied California's reputation and damaged its economy.
Opponents say the plan is an unnecessary bailout.
The suit claims that imposed rate caps are illegal under federal law. The state fears that if Edison prevails in court, consumer rates would rise. Those bonds would be repaid by ratepayers, but Davis said he hopes that can be done without boosting ratepayers' bills. Nevertheless, he said UCAN was withholding judgment on the overall plan until all numbers were provided. Assembly Republican leader Bill Campbell also questioned Davis' math.