November 28, 2000

ROSEMEAD, Calif., Nov. 28, 2000-California's broken electricity market poses a serious threat to the state's economy, but the misguided proposal announced today by Harvey Rosenfield would hurt consumers and threaten the foundation of California's economic recovery. 

Rosenfield's proposal to create a multibillion-dollar state bureaucracy is the costliest, least-practical and least-achievable approach to market reform.  Moreover, it would only worsen the current crisis and threaten customer protection, because the electric system's reliability would be threatened and years of stalemate would follow.

"There is an urgent need to act now to fix what's broken with California's market by allowing for more long-term power contracting and putting in place a stable rate structure for consumer protection," said Tom Higgins, senior vice president for corporate relations at Edison International.  "Instead of resorting to threats and demagoguery, Harvey should be joining other responsible consumer advocates to work on effective solutions that are truly in the public interest."

Edison continues to work with state and federal authorities to achieve true, effective market reform that will provide customers with affordable, predictable rates, preserve system and service reliability and sustain the development of our growing economy. 

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Based in Rosemead, Calif., Edison International is a premier international electric power generator, distributor and structured finance provider.  With assets of $36 billion and a portfolio of approximately 28,000 MW, Edison International is an industry leader in privatized, deregulated and incentive-regulated markets and power generation.  It is the parent company of Southern California Edison, Edison Mission Energy, Edison Capital, Edison O&M Services, and Edison Enterprises.