CALIFORNIA’S BITTER BAILOUT
<h3>Davis' power plan will cost taxpayers billions</h3><p class="source">Business Week</p>
<p>Ten months into California's power crisis, a solution of sorts seems closer.</p>
Energy
Energy and utility watchdog coverage — gas prices, oil-industry profits, utility rates, and clean-energy accountability.
San Francisco, Calif.-Based Utility Borrows Funds
<p class="source">San Jose Mercury News</p>
<p>In an announcement that infuriated some consumer advocates and lawmakers Friday, PG&E Corp. said it had borrowed $ 1 billion to pay its bills -- including a $ 116 million stockholder dividend</p>
PG&E used $1 billion loan to pay $116 million dividend to stockholders
<p class="source">Contra Costa Times</p>
<p>PG&E Corp. used part of a $1 billion loan, which closed Friday, to pay a $116 million dividend to stockholders, even as state taxpayers continued to pick up the tab to buy the electricity needed by its utility subsidiary.</p>
Consumer advocates criticize parent company’s loan deal
<p class="source">The Associated Press</p>
<p>Consumer advocates are criticizing a deal under which Pacific Gas & Electric's parent company borrowed $1 billion to pay stockholders and its debts but not any of the billions owed by the utility.</p>
California to set aside another $500 million to buy power
<p class="source">The Associated Press</p>
<p>State officials say they will set aside another $500 million to keep electricity crackling across California, bringing the cost of the state's power crisis to taxpayers to $3.2 billion so far.</p>
Cost to buy electric lines draws flak
<p class="source">Copley News Service</p>
<p>The $2.76 billion price tag assigned by Gov. Gray Davis to the purchase of Southern California Edison's transmission lines is flipping some advocates of the idea into opponents or skeptics.</p>
Bailout Watch #15 – Feb 28, 2001
<strong>BAILOUT WATCH: Keeping an eye on the energy industry and the politicians<br/>
<br/>
Bailout Watch #15 - Feb 28, 2001<br/>
<br/>
Good news: the crisis is over. </strong>
According to Gov. Davis, California has reached "the...
Energy Experts Belie Davis’ Rosy Prediction
<h3>Summer expected to be crunch time</h3><p class="source">The San Francisco Chronicle</p>
<p>Gov. Gray Davis' optimistic assessment that California may be on the "back side" of its energy crisis flies in the face of what many energy companies and other experts predict.</p>
Bailout Watch #14 – Feb 27, 2001
<strong>BAILOUT WATCH: Keeping an eye on the energy industry and the politicians<br/>
<br/>
Bailout Watch #14 - Feb 27, 2001<br/>
<br/>
Public subsidies to cover power grid purchase?</strong><br/>
<br/>
According to the Wall Street Journal,...
California Senator Announces Plan to Reward Electricity Conservation
<p class="source">San Jose Mercury News</p>
<p>In a move that would financially reward consumers for conserving energy, State Sen. Don Perata unveiled a proposal Monday that would provide $ 1 billion in rebates to California residents who reduce their electricity use this summer.</p>
Under plan, utility customers would get rebates
<p class="source">Sacramento Bee</p>
<p>Customers of California's three private electric utilities would get rebates for conservation this summer under a proposal by Sen. Don Perata, D-Alameda.</p>
DAVIS STRIKES DEAL WITH EDISON TO BUY GRID
<h3>STATE WOULD PAY $2.76 BILLION FOR GRID AND GUARANTEE BAILOUT BONDS. BUT THE PACT IS MET WITH MUCH SKEPTICISM AND PG&E IS BALKING AT A SIMILAR DEAL</h3><p class="source">Los Angeles Times</p>
<p>Gov. Gray Davis announced a major breakthrough Friday in the struggle to bring stability to California's reeling electricity network</p>