text_combined: california update 4 23 01 executive summary ferc considers price caps west davis socal ed mou subject legislative revisions still stand early reports socal davis transmission deal likely fail socal follow pg e bankruptcy court ferc mitigates price spikes west ferc chairman hebert placed rto west proposal onto agenda week meeting proposal would mitigate price surges requiring generating companies sell power california western states stage 3 emergencies less 1 surplus electricity grid cap price generators could charge highest states emergency 1 ferc proposal would set price caps time stage 3 emergencies 2 would expire year 3 would set top reference rate cost plus based cost produce electricity inefficient producer ferc also looking initiatives would encourage agriculture industry possibly sell power natural gas contracts instead using produce products although proposal formally approved voted time chairman control ferc agenda absolute nothing gets agenda want consider thus stays agenda meeting time odds passing quite high meeting avoids total breakdown hard headed chaos key commissioner breathitt two recently nominated commissioners yet approved senate vote week thus change breathitt position definitively tips balance power ferc davis socal mou done deal according sources first legislative alteration davis socal mou involve removing dedicated rate component necessary repay socal creditors point highlights senates indecision deal paying generators solutions currently range seizing assets seeking legal relief corporate price gouging sources indicate qfs still likely file involuntary bankruptcy socal upon senate first official sign unwillingness work creditors