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CenterPoint Energy, Inc. Message Board

  • lewis_whokeyser lewis_whokeyser May 22, 2001 7:36 PM Flag

    CA Political Infighting

    "California Controller Battles Governor Over Paying for State's Electricity
    Crisis"
    Wall Street Journal (05/22/01) P. A2; Emshwiller, John R.
    California Controller Kathleen Connell, who oversees the state's bill
    paying, said yesterday that $4 billion in "revenue anticipation notes" may
    have to be issued in addition to the planned $13.4 billion bond offering to
    cover the state's general funding needs because Gov. Gray Davis' budget plan
    is overly optimistic about summer wholesale prices and not enough
    electricity is under long-term contracts to meet summer demand. However,
    Davis' aides held a press conference to dispute Connell's views, saying that
    more long-term contracts are scheduled to be delivered to the Controller's
    office today, and a $1 billion cushion was built into the bond issue. One of
    the governor's advisors, Joseph Fichera, added that the state only
    anticipates spending $12.5 billion of the $13.4 billion on electricity.
    Since the state took over power purchases from the state's ailing utilities
    in January, $5 billion has been spent on electricity. (www.wsj.com)

 
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