April 18, 2001
The President of the California Public Utilities Commission (CPUC), Loretta Lynch, today issued a statement expressing regret that Southern California Edison was forced this week to take an after-tax earnings charge of $2.5 billion due to undercollected wholesale power costs. In her statement Pres. Lynch said, "I commit to reviewing on a priority basis any and all proposals that promote the financial health of California utilities and the interests of its consumers." The following response is by Southern California Edison Chairman, President, and CEO Stephen Frank.
ROSEMEAD, Calif., April 18, 2001--We welcome President Lynch's comments, both today and on April 9 when she affirmed her commitment to expeditiously consider the issues raised by the recent Memorandum of Understanding between SCE and Governor Davis and her belief in returning California's investor-owned utilities to financial health and stability so that we can provide reliable energy service to customers.
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An Edison International company, Southern California Edison is one of the nation's largest electric utilities, serving a population of more than 11 million via 4.3 million customer accounts in a 50,000-square-mile service area within central, coastal and Southern California.