senate approves edison rescue deal assembly measure stalled jennifer coleman associated press writer sacramento ap state senate approved bill significantly alters plan negotiated gov gray davis help struggling utility southern california edison bill approved friday authored democratic sens richard polanco byron sher lets edison issue 2 5 billion revenue bonds pay debts amassed prices wholesale electricity reached record high levels last year believe measure gets us goal getting state business buying electricity bring entity creditworthiness said polanco los angeles approved 22 17 bill goes assembly assembly adjourned friday night without voting similar measure polanco sher plan shifts burden repaying bonds commercial industrial power users opposed business interests edison says help company escape bankruptcy davis plan announced april offers edison 2 76 billion transmission system lets sell revenue bonds repay rest estimated 3 5 billion worth debt generated pay skyrocketing wholesale power prices plan polanco sher stanford state five year option buy edison grid said republican sen ross johnson irvine gives edison bailout neither needs deserves tired projection edison victim legion lobbyists telling us ad nauseam support deregulation johnson said floor debate idea edison victim goes annals real whoppers edison paid lobbyists bonuses successful passage deregulation 1995 1996 deliberations led deregulation edison officials helped create current system meetings business interests gov pete wilson republican lawmakers set go summer break friday night aug 20 schedule conflicts deadline memorandum understanding davis edison says legislature must approve deal aug 15 firm deadline means issue fully resolved prior end legislative recess davis said friday happen either senate bill proposal assembly speaker robert hertzberg van nuys assemblyman fred keeley boulder creek reach davis problems bills davis said heartened fact bill moving house keeley hertzberg plan trims least 300 million governor offer also allows edison issue bonds would repaid edison ratepayers 10 years plan also attempts increase state use green energy resources allow edison customers opt cheaper direct access energy service assembly vote keeley bill friday hertzberg considering forming working group senate administration iron bills differences said hertzberg spokesman paul hefner davis said wanted working group continue working summer break devise compromise aug 15 deadline want people go fishing 30 days come back worry aug 20 know going reapportionment major issues deal last month governor said net read bills ab 82 xx keeley sb 78 xx polanco http www leginfo ca gov read governor memorandum understanding