Word: sceing
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...results were catastrophic. Unable to pass along rising costs to homes and businesses, PG&E and SCE piled up losses and owed more than $12 billion to their banks and power providers. The utilities defaulted on some loans last week and refused to pay bills, creating a showdown with their bankers and power suppliers. Either group, in fact, could have forced the utilities into bankruptcy...
...launched the nation's first and most sweeping electric deregulation plan. Enthusiastically endorsing the scheme were utilities, lawmakers and environmental and consumer-advocate groups. The goal enunciated by Republican Governor Pete Wilson was to bust up the monopolies held by utilities like Pacific Gas & Electric and Southern California Edison (SCE). They in turn would be free to purchase and market power in the state as well as to pursue business elsewhere. PG&E, for instance, owns 30 plants outside California...
...California dismantled its private power-generating industry without securing adequate power supplies. The Big Three utilities, which in addition to PG&E and SCE include San Diego Gas & Electric, sold off plants to outsiders like Duke Energy of Charlotte, N.C., and Reliant Energy of Houston and became middlemen. But the state wouldn't allow these new intermediaries to enter long-term purchasing agreements for fear they would be locked into fixed-price contracts as prices dropped. Their purchases had to be made on the so-called spot--or cash--market, and prices were low at the time...
...Electric and Southern California Edison, which aren't allowed to pass on the full market rate to customers until mid-2002, have had their stocks hammered and credit ratings slashed. Now they are $12 billion in the hole and on the verge of bankruptcy; late last week SCE laid off 13% of its work force. "Between three and seven weeks from now," says John Bryson, chairman of Edison International, SCE's parent company, "our cash will be insufficient to keep buying the power necessary to serve our customers...
...others dressed in their corporate best, endured hours of lectures on proper behavior in the workplace and practiced scenario after sce- nario of interviews...