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---------------------- Forwarded by Carla Hoffman/PDX/ECT on 10/27/2000 10:34
AM --------------------------- Enron Capital & Trade Resources Corp. From: "Pergher, Gunther" <Gunther.Pergher@dowjones.com< 10/27/2000 10:27 AM To: undisclosed-recipients:; cc: Subject: DJ House Votes, But FERC Unswayed On Calif Pwr Probe Release 17:20 GMT 27 October 2000 DJ House Votes, But FERC Unswayed On Calif Pwr Probe Release WASHINGTON (Dow Jones)--The Federal Energy Regulatory Commission said Friday it won't be swayed by a House vote urging immediate release of the results of a staff probe into recent problems in California's power market. FERC announced last week that it had received the results of an eagerly anticipated staff investigation of market conditions that sent power costs in California soaring over the summer. The agency scheduled an extraordinary meeting for Nov. 1, at which it plans to vote on proposed remedies based on the report's findings, but declined to make public the staff's report before then. "We plan to release the report on the first of November. The date hasn't changed," said FERC spokesman Hedley Burrell. The unprecedented high power prices in California this year have generated a fierce political backlash in the state, as retail consumers in San Diego were exposed to market-based prices this summer two to three times higher than what they paid the previous year. At the same time, utility companies outside of San Diego lost hundreds of millions buying high-cost power at wholesale and selling it at retail at a loss under a state-mandated retail rate freeze. The decision to keep the staff report under wraps until Wednesday was objected to by FERC Commissioner Curtis Hebert, the lone Republican among the four sitting commissioners at FERC. "The people of California should have as much time as possible to digest our staff's findings and consider the options presented," Hebert said. "It can only help heal the raw emotions rampant in the state of California." Rep. Brian Bilbray, R-Calif., whose district is in the San Diego region where retail consumers were hit by the high-flying wholesale prices this summer, sponsored the non-binding resolution the House approved Friday urging immediate release of the report. Bilbray is locked in a tight re-election campaign against Susan Davis, a Democratic state assemblywoman, who was a sponsor of the legislation that created the state's retail power restructuring initiative blamed for creating the crisis. The power price crunch has factored prominently in the race, in which Bilbray has run advertisements likening Davis to a Dr. Frankenstein whose electricity deregulation monster has run amok. The House debated Bilbray's resolution late Thursday, but the lawmaker was unable to attend due to a death in the family. Similarly, Bilbray was unavailable for the House session Friday when the measure was passed in an unrecorded voice vote, nor was he available to comment Friday, Another San Diego-area lawmaker, Rep. Bob Filner, D-Calif., in a telephone interview Friday, dismissed the Bilbray resolution as "a meaningless thing." The non-binding resolution "doesn't do much," Filner said, arguing the House instead should take up his legislation directing FERC to roll back power prices in the state and direct power sellers to provide retroactive refunds to consumers. Bilbray's resolution is "a politically generated thing to assure he is covered for his re-election," Filner said. "His party will not let him do something significant." -By Bryan Lee, Dow Jones Newswires, 202-862-6647, bryan.lee@dowjones.com (END) Dow Jones Newswires 27-10-00 1720GMT Copyright © 1998, Dow Jones & Company Inc G_nther A. Pergher Senior Analyst Dow Jones & Company Inc. Tel. 609.520.7067 Fax. 609.452.3531 The information transmitted is intended only for the person or entity to which it is addressed and may contain confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient is prohibited. If you received this in error, please contact the sender and delete the material from any computer. <<Gunther Pergher (E-mail).vcf<< - Gunther Pergher (E-mail).vcf
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