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CA ENERGY CRISIS UPDATE BANKRUPTCY JUDGE REJECTS PG&E REQUEST FOR SHOWDOWN ON RATES Federal bankruptcy judge Dennis Montali on June 1 denied a PG&E request that challenged the authority of state utility regulators to set the companys electricity rates. The public interest is better served by deference to the regulatory scheme and leaving the entire regulatory function to the regulator, the judge ruled. PG&E had contended that accounting changes made by the CPUC effectively prevented the company from escaping a rate freeze and forced PG&E to sell power at a loss. DUKE ACKNOWLEDGES HUGE PRICE DEMAND Duke Energy of Charlotte, NC charged a staggering $3,880 per megawatt hour for about 5,000 megawatt-hours of California power during shortages in the first three months of 2001. Thats more than twice the record of $1,900 per megawatt-hour that the state paid Reliant Energy last month. Duke is defending its high price as a credit premium related to PG&Es uncertain financial health. CALIFORNIA CONSERVES Californians used 11% less electricity in May than they did during the same month last year, giving a lift to Gov. Gray Davis, who hopes that conservation can play a key role in limiting blackouts this summer.
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