text_combined: puc press release announcing deal edison puc edison settle federal litigation maintain utility service without raising rates california public utilities commission puc southern california edison edison today reached settlement filed rate doctrine lawsuit edison filed federal court puc settlement intended restore edison creditworthiness able resume procuring electricity needed customers limit ratepayers costs paying debt maintain state role regulating investor owned utility enabling edison pay back debts reasonable certain period time terms settlement agreement include edison apply cash hand plus revenue recoverable costs paying back debt puc edison agreed amount back debt recovered ratepayers amount certain outstanding debt edison august 31 2001 less cash hand date less additional 300 million adjustment amount paid pursuant settlement agreement estimated 3 billion end month parties believe amount paid ratepayers much less cap edison pay dividends common stock 2003 full payment debt sooner edison fully paid back debt end 2003 commission retains discretion determine whether edison pay dividend 2004 edison free resume paying dividends 2005 since edison annual dividend typically 400 million edison shareholders forgone least 1 2 billion dividends possibly addition 300 million adjustment edison apply 100 recovery obtains refund proceedings federal energy regulatory commission litigation sellers pay back debt edison commits court order work puc attorney general pursuing litigation energy sellers puc direct edison use 150 million year utility purposes including provision additional energy efficiency monies would otherwise used pay edison debt puc agrees lower edison retail rates current level end 2003 unless back debts recovered however rates may reduced result securitization debt reduced dwr revenue needs puc agrees set rates higher current rate enable edison recover remaining amount back debt 2004 2005 edison back debt recovered end 2003 concessions puc state regulations regulatory authority edison deregulation valuable transmission generation facilities edison may make 900 million capital expenditures annually settlement embodies fair judicious way edison become solvent get back business buying power meeting needs ratepayers state california said loretta lynch president puc settlement also ensures benefits refunds arising litigation power generators marketers profited unjust unreasonable energy prices benefit ratepayers agreement settles november 2000 federal court lawsuit filed edison puc edison claimed commission actions providing sufficient retail rates violated federal law unconstitutional taking property agreement edison release puc claims lawsuit also withdraw challenges commission decisions implementing ab lx ab 6 x turn accounting proposal original message dasovich jeff sent tuesday october 02 2001 4 42 pm dasovich jeff kean steven j belden tim sharp vicki blachman jeremy comnes alan tribolet michael walsh kristin delainey david leff dan frazier lamar keeney kevin gahn scott swain steve lavorato john kaufman paul steffes james calger christopher f mara susan black richter jeff kitchen louise dietrich janet mara susan robertson linda kingerski harry denne karen palmer mark pr shapiro richard curry wanda mellencamp lisa higgason kelly whalley greg mellencamp lisa comnes alan subject california update 10 02 01 part 2 puc approves edison bailout another surprise move puc approved edison bailout today 5 0 vote item commission agenda placeholder regarding litigation copies agreement talked edison svp regulatory affairs summary commission keep current rates place 2003 overcollection resulting keeping current rates place go paying 3 3 b edison past due accounts called undercollection edison collects 3 3 b prior 2003 rates change edison collected 3 3 b end 2003 puc create dedicated rate component bills collect remainder half remainder collected 2004 half 2005 refunds received litigation suppliers go reducing 3 3 b undercollection edison keep 10 refunds received 3 3 b paid edison pay dividends time using rates pay 3 3 b edison apply puc approval hedge gas price risk edison protected increases dwr contract costs e dwr costs go puc raise rates rather take edison rates puc fine edison period edison capital structure varies puc approved capital structure edison must drop lawsuits puc regarding 1 filed rate doctrine 2 called turn accounting method effectively kept rate freeze place edison agrees cooperate attorney general puc litigation suppliers puc decision could likely nullify need special session governor recently announced report back additional details soon get best jeff original message dasovich jeff sent tuesday october 02 2001 2 45 pm kean steven j belden tim sharp vicki blachman jeremy comnes alan tribolet michael walsh kristin delainey david leff dan frazier lamar keeney kevin gahn scott swain steve lavorato john kaufman paul steffes james calger christopher f mara susan black richter jeff kitchen louise dietrich janet mara susan robertson linda kingerski harry denne karen palmer mark pr shapiro richard curry wanda mellencamp lisa higgason kelly whalley greg mellencamp lisa subject california update 10 02 01 puc turns davis proposed rate agreement dwr likely viewed fairly shocking event california puc today voted davis proposed rate agreement dwr cpuc vote 4 1 two republicans voting davis hand picked appointees lynch wood davis proposal introduced meeting another davis appointee geoff brown made lengthy speech california would experience economic political destruction puc approve davis proposed rate agreement davis proposed rate agreement dwr cpuc would remove puc authority review contracts dwr suppliers would require puc pass utility rates dwr power contract costs questions asked implications move puc reject davis proposal vote remains unclear california dwr pay dwr power contracts political pressure negotiate break dwr power contracts likely intensify considerably remains unclear california dwr pay 12 5 b bonds treasurer unsuccessfully attempted issue past several months structure devised davis revenues flowing cpuc dwr rate agreement would used 1 pay dwr power contracts 2 service bonds treasurer trying issue repay california general fund spot short term power purchased dwr since january short clear indication california pay dwr contracts issue bonds safe say today puc vote seriously embarrassed davis left approach solving california electricity crisis shambles next broad left right coalition energy interests supported bill 18 xx passed legislature broad bi partisan support bill would create dedicated rate component every customers bill service 12 5 b bonds treasurer wants issue proponents bill everyone else argue dedicated rate component signficantly efficient way raise debt california needs plug hole budget bill silent however california would pay dwr contracts bill opponents claim power suppliers sue result four puc commissioners voted davis rate agreement today urged davis sign bill left right coalition nader types oil companies also working hard get davis sign davis said veto bill advice treasurer bond counsel given today vote however davis may alternative sign bill wants get bonds issued state budget repaid update edison bailout still appears chances small edison davis succeed getting legislature vote edison bailout returns another special session next tuesday questions let us know best jeff