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Enron Mail |
FYI -
I will send you an update about SCE and other CA bills impacting renewables shortly. ***** Calif Renewable Pwr Plant Owners Fight Edison Bankruptcy Updated: Wednesday, September 19, 2001 02:00 PM ET NEW YORK (Dow Jones)--A bankruptcy proceeding for Edison International's (EIX </investments/quotes/?symbol=EIX<, news </investments/news/?symbol=EIX<, msgs </investments/discuss/?symbol=EIX<) regulated utility subsidiary, Southern California Edison, would have severe negative consequences for the renewable energy community and for all Californians, an association of small, independent power producers in the state said. The Renewable Energy Creditors Committee said it was responding to media reports that other creditors are on the verge of forcing Edison into bankruptcy. "Such a filing would raise the cost of doing business in California for years to come," the group said in a press release. "Those who finance bonds to carry out capital improvements will place risk premiums on California projects, if it is demonstrated through the bankruptcy of both of the state's largest utilities that default on debt is an acceptable option." Members of the Renewable Energy Creditors Committee have already seen their costs of financing projects rise due to the continued uncertainty over more than $400 million in back payments that Edison owes committee members, the group said. For months, some committee members have been unable to pay some creditors and have faced increasing costs of debt. The committee called on state leaders to work out a financial alternative in the special session expected to be called by Gov. Gray Davis. In March, several members of the Renewable Energy Creditors Committee came close to initiating an involuntary bankruptcy proceeding against Edison, but a key court decision and the movement of some funds to the generators staved off the move. "The committee will not take action for now to force Edison into bankruptcy as long as a legislative solution to take care of back payments and encourage the use of renewable energy remains possible," the press release said. The Renewable Energy Creditors Committee is comprised of wind, solar, geothermal, biomass and landfill gas generators across California. Its members produce 3,000 megawatts of energy, enough to supply electricity to approximately 3 million homes. The committee members represent the vast majority of Edison's renewable energy supply, but they also provide electricity to PG&E. -By Mark Golden, Dow Jones Newswires; 201-938-4604; mark.golden@dowjones.com <mailto:mark.golden@dowjones.com<
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