Subject: California Update 3/29/01
From: [email-masked]
To: [email-masked], [email-masked]
Cc: [email-masked], [email-masked], [email-masked], [email-masked], [email-masked], [email-masked], [email-masked], [email-masked], [email-masked], [email-masked], [email-masked], [email-masked], [email-masked], [email-masked]
Date: Thu, 29 Mar 2001 17:07:00 -0800 (PST)

?	Socal and PG&E have both made payments to the state of California (DWR) for power purchases per the PUC order on Tuesday.  Socal made a payment on Wednesday of  $43.5M for purchases between January 19 - February 11 and PG&E paid $61M.
?	Attorney General, Bill Lockyer, has ruled that the media does not have the right to view the long-term power contracts being negotiated.
?	Senator Burton stated on the Senate Floor this morning that legislators need to set their regular session bill unrelated to energy quickly because there would be no rule waivers.  He also noted that there would probably not be a lot of money for anything besides energy, and therefore a lot of bills would probably die in policy committee.
?	In a conference call on Tuesday, SoCal stated to a group of commercial paper holders that it would pay back interest on its commercial paper, which is approximately $30M.  One commercial holder said that since there is no default rate specified in the paper, the default rate should automatically be 10% under California  law.  The SoCal representative replied "we don't think that applies to us."  In other words, SoCal does not plan on paying an added default rate on top of the interest payments.
?	At this time, the Legislature announced they would probably not be taking their Easter break, scheduled for the week of April 9th.  According to a source, Burton is not allowing any passes for any travel or absences.  Hertzberg has gone a step farther and said that any travel has to approved by his office and the member themselves has to come to his office to pick up the tickets.  Some believe this maybe an attempt to push the Republicans into breaking the stalemate on AB 8X (voted down last Friday)currently being debated in the Assembly.