california update 6 1 01 details new plan currently created california state treasurer phil angelides supported sen burton plan initial stages currently legislative fast track also motivated desire save socal bankruptcy creator goal give californians control energy electric futures well giving tax rate payers share pie return money go utilities continue monitor plan supporters progress plan z california state treasurer phil angelides powerful group legislators finally taking action developing plan solve california energy crisis summer group comprised leftish legislators environmental advocates state energy company executives business leaders pulling together plan z core plan recently passed authorization erect california public power authority issues bonds constructs new power plants buys transmission lines even talk within group using newly legislated authority buy socal edison 3 5 billion less owes although would face huge obstacles receive strong opposition power companies well edison five year goal enough power generation capacity guarantee 5 15 cushion energy peak demand angelides burton want create enough capacity form buyer market one points plan replace private sector generation public sector generation plan may short circuit private sector plans build new plants state ability issue 5 b revenue backed bonds addition 12 b rate backed bonds second key element angelides burton plan z additional rate hikes california consumers businesses although discussions still underway group business leaders angelides wanting propose additional 45 increase residential commercial electricity rates however immense sympathy loading disproportionate share burden businesses increase top 50 60 already mandated previous puc decisions year rate increases two things stop immediate fiscal drain state california prevent emergency tax hikes serious considered last week issues consider regards plan 1 much current shareholders diluted return helping utilities repay long owed debts would get state decided buy socal edison 2 much creditors eat legislated repayment plan words big equity bond haircuts answer questions right legislators work cobble together plan numbers work without triggering massive politically destructive rebellion voters next year