state senate oks bailing edison bankruptcy assembly plans version utility fyi fairly accurate account activities california assembly released new version hertzberg bill late last night another update follow shortly best jeff state senate oks bailing edison bankruptcy assembly plans version utility lynda gledhill robert salladay chronicle sacramento bureau saturday july 21 2001 2001 san francisco chronicle url http www sfgate com cgi bin article cgi f c 2001 07 21 mnl 33267 dtl sacramento state senate approved plan yesterday keep southern california edison falling bankruptcy bill crafted alternative pact utility gov gray davis faces uncertain future bill democratic sens richard polanco los angeles byron sher palo alto would give state five year option buy utility transmission lines would state guarantee 2 5 billion utility debt edison amassed estimated 3 5 billion debt wholesale electricity prices increased retail rates remained frozen assembly also attempting craft version deal last night political maneuvering fears repeating kind mistakes led california botched 1996 deregulation legislation haunted lawmakers davis continued apply pressure lawmakers put bill desk aug 15 date set original agreement davis edison lawmakers scheduled start monthlong summer recess last night failure pass state budget meant one leaving town firm deadline means issue fully resolved prior end legislative recess davis said aug 15 date davis suggested conference committee working group could used iron differences two bills unclear whether could accomplished next days problems bills davis said heartened fact bill moving house houses struggled garner enough votes get respective bills floor vote many lawmakers indicated happy process senate 22 democrats voted edison plan four democrats 13 republicans voted sen jackie speier hillsborough said would vote bill current form substantial changes made legislature ill equipped try craft deal said particular measure one intent clarity protect ratepayers leery bill going assembly cannibalized senate bill authorizes edison issue 2 5 billion bonds pay alternative energy producers banks bonds would paid increased rates charged edison largest customers would cover 1 billion edison owes state generators edison maintains senate bill make company creditworthy would put back position buying power state spending upward 50 million day power since january davis lawmakers want rescue plan place utility begin buying power also hope deal would used way get pacific gas electric co bankruptcy assembly two competing measures put pressure leaders change bill rescue plan assembly speaker robert hertzberg sherman oaks assemblyman fred keeley boulder creek undergoing changes garner support changes included eliminating purchase transmission lines taking municipal utilities deal assemblywoman elaine alquist san jose one undecided members edison agreement said original bill complex cleaner bill alquist said think comes whether affect constituents link pg e would say tentatively satisfied alquist democrats said concerned rushed nature edison negotiations members assembly former state senators lower house voted approve 1996 legislation abl 890 brought deregulation california assemblyman joseph simitian palo alto said gave courtesy vote hertzberg keeley plan appropriations committee order get measure assembly floor continue debate learned experience abl 890 devil details lot questions simitian said difficulty little gets done deadline deadline much gets done hertzberg acknowledged assembly members afraid bill getting rushed said lawmakers well informed energy crisis details said 200 hours caucus meetings countless hearings crisis wild card assembly plan bill assemblyman rod wright los angeles garnered republican support called straight bailout would give edison 3 5 billion 2 month fee levied utility ratepayers stuck assembly appropriations committee e mail reporters lgledhill sfchronicle com rsalladay sfchronicle com 2001 san francisco chronicle page 3