So the whole story is:
My right pocket is bankrupt, my left overflowing.
I go to the state crying out that I need money in my right pocket to keep
providing these great power services to the public..
The state fills my right pocket...
I go laughing all the way to the bank..
Cheers, Ken Hanly.......
---
-- Original Message -----
From: Eugene Coyle <[EMAIL PROTECTED]>
To: <[EMAIL PROTECTED]>
Sent: Wednesday, January 17, 2001 11:25 PM
Subject: [PEN-L:7094] Re: RE: Bankruptcy again
> The Calif utilities transformed themselves into holding companies a few
years
> back. The incumbent utility pieces have got severe cash problems but the
other
> pieces of the two holding companies are doing very well.
>
> FERC (Federal Energy Regulatory Commission) astonishingly on Dec. 28th
let
> PG&E put an additional fence between the utility piece and the rest, so
that
> the cash and assets of the rest can't be touched by the sister company.
People
> are a little annoyed.
>
> A little annoyed, yes, like having the "Annoyed cow disease."
>
> We'll see what happens.
>
> Gene Coyle
>
> MORE: Even within the utility piece, they have declared that there are
two
> pots of money, never to be mingled. The utilities still retain
signifigant
> generating capacity and are selling the output at high market prices.
This
> offsets roughly half of what they claim to be losing. The utilities
contention
> is that the cash in-flow is to go in a separate and untouchable pocket
from the
> emptying cash out-flow pocket.
>
> Gene
>
>
>
