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Governor to Call Lawmakers Back To Work on Edison Deal
(KFWB) 9.25.01, 1:00p --
Aides to Governor Gray Davis say he will call state lawmakers back to Sacramento next week to continue work on a deal to keep Southern California Edison from declaring bankruptcy.
Davis' spokesman Steve Maviglio says the governor will issue a proclamation by Wednesday for an extraordinary session to address energy. The session, the third such one this year, will start October 2nd.
A deal Davis negotiated with Edison in April never made it through the legislative process. The Senate and Assembly passed different versions of that plan and could not reconcile the proposals before the regular legislative session adjourned September 15th.
Under the original plan, the state would purchase the utility's high-voltage transmission grid for $2.76 billion, which would give the debt-ridden Edison a much needed cash infusion. The plan also allowed the company to issue revenue bonds for their remaining debt. Edison has amassed about $3.9 billion in debts.
-- PHO (email@example.com), September 28, 2001