September 27, 2002
Loretta Lynch, president of the California Public Utilities Commission (CPUC), has proposed modifications to the wording of two 2001 commission decisions that increased retail rates due to significantly higher wholesale power costs. The draft changes are intended to clarify and reconcile the language of the surcharge orders with that of AB 1890, specifically the "rate freeze" section of California's restructuring legislation, AB 1X, AB 6X and the commission's settlement agreement with SCE and proposed PG&E bankruptcy plan. In response, SCE President Bob Foster issued the following statement.
ROSEMEAD, Calif., September 27, 2002-We believe President Lynch's proposal is a helpful clarification of the commission's intention regarding surcharge revenues and continue to be encouraged by the CPUC's emphasis on returning California's utilities to creditworthy status.
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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 12 million via 4.3 million customer accounts in a 50,000-square-mile service area within central, coastal and Southern California. For more information on the California electricity market, see www.sce.com.