Governor promises another legislative session
Sacramento Business Journal
Gov. Gray Davis is vowing to call the state Legislature back into special session to consider his bill which he says will rescue Southern California Edison Co., the state's second-largest utility, from possible bankruptcy.
The Assembly passed the measure but the state Senate refused to vote on it. The regular annual legislative session expired in the early hours of Saturday.
"I will call a third extraordinary session, which will begin in approximately two weeks, so that Edison can avoid bankruptcy," the governor says in a written statement. "Edison has assured me that it will not seek bankruptcy and that it believes that its creditors will continue to show restraint."
In its statement, Edison says it "strongly" believes that such a settlement "is far preferable to bankruptcy for our customers, our company and our state's economy."
But a consumer watchdog group says the proposal would result in higher rates. [It] "would require residential and small business ratepayers to pay tens of billions in higher energy prices and, if passed by the Senate, would represent a devastating capitulation which would enrich Edison and the energy generation companies which have held California hostage," the Foundation for Taxpayer and Consumer rights says.
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