california update 6 19 01 executive summary angelides announce bridge loan financing us senate democrats go back forth ferc sdg e line sale overview california dwr contracts add tension ge accommodates western power sellers pg e executives profit even bankruptcy angelides announce bridge loan financing reported wires confirmed sources state treasurer angelides announce 4 3 b bridge loan today 2 pm pst majority loan provided j p morgan chase lehman brothers us senates withdraws price cap legislation almost response yesterday ferc order senate energy committee chairman bingaman california us senators feinstein boxer decided temporarily withdraw legislation aimed setting wholesale power price caps western states action displays effort lawmakers acknowledge bush ferc meek spirit cooperativeness allow time determine order effectiveness least one legislator remains unsatisfied sources report sen gordon smith r oregon plans author bill july would attempt extend one year term yesterdays ferc order cover northwest power shortages winter 2002 acknowledging seasonal power swap california northern neighbors smith views current mitigation plan covering two california summers one northwest winter unfair sdg e line sale deal sempra state assert san diego gas electric 750 undercollect eliminated without state purchase sdg e transmission assets element deal would approved legislature key difference agreement socal mou tenets deal would approved puc words sempra claims able eliminate sdg e undercollect dealing puc rather legislature sources suggest may reaction failure socal mou move legislature sources also indicate earlier trans elect offer purchase sdg e lines 1 8 b considerably less states bid makes california legislature leery approving socal mou mou attached davis kindles new fire dwr contracts friday release cadwr power contracts motioned republicans begin new wave complaints governor remarking contract information lacking data public right know blacked assembly member dave cox minority leader stated troubling items clauses exempt generators pay windfall profit taxes environmental penalties instead would paid taxpayers backlash republicans increasing new wave california television commercials peg davis root california energy woes ge west sources report 3 4 ge generator sets peaker plants market 14 15 people bought units want go forward get california market arbitrary sources report sellers generator sets made decision beginning approximately week ago additionally sources believe ge may move cost plus based pricing sellers power order provide stable financing generators long term though would mean less profits past pg e executives profit even bankruptcy reported 6 14 sources continue believe socal executives closely following events unfolding pg e bankruptcy case mentioned last thursday report judge montali approved large bonuses pg e senior management pg e filing made bryson members team reconsider merits bankruptcy today news reports judge montali order providing pg e executive 17 5 bonuses reiterates point bryson pg e executives remain well paid even bankruptcy thus suggesting socal could equally well event filing sources suggest socal current cash position weighs less heavily determining bankruptcy filing prospect asset seizures liens however sources continue make inquiries socal cash flow situation