Das bekam ich per Mail:



California's energy crisis is a nightmare without end. This
week, two of the state's biggest utilities -- PG&E and
Edison International - stood at the brink of bankruptcy.
Meanwhile, energy suppliers, including those in Canada,
have suspended electricity sales to California on the
expectation they won't get paid. With no bailout in sight,
the Golden State could suffer blackouts.

On Thursday, California Governor Gray Davis persuaded
Energy Secretary Bill Richardson to extend an emergency
federal order requiring power suppliers to sell surplus
electricity to the state's beleaguered utilities. That
same day, California's energy regulators declared a Stage
Three power alert, one step short of ordering scattered
blackouts. The order basically cuts off power to customers
who had volunteered to let their power be cut in exchange
for lower rates. With severe storms brewing along the
coast, California faces the possibility of power blackouts
over the weekend.

California's problems stem from the fact that the wholesale
market (the place where utilities buy power from
generators) was opened to free competition, while the
retail market between the utilities and customers remained
regulated. It wasn't a problem when energy prices were low.
But when natural gas prices took off, utilities were put in
a vice. They had to pay for skyrocketing costs yet were
prohibited from passing them on to their customers. In a
Soviet Union-like twist, customers had no interest in
scaling back demand because low prices to them were
guaranteed. Ironically, utilities, the investment for
orphans and old ladies, are on the brink of failure.

Since last spring, PG&E and Edison have spent $12 billion
more for power than they have collected from ratepayers.

As for the big picture, California's energy debacle could
be a preview of what may happen to the entire nation
sometime in the not-too-distant future. According to the
New York Times,"Much of the state's immense electric bill
has been paid to companies based outside the state."

Soon the New York Times could be writing that much of the
nation's immense energy bill has been paid to countries
overseas. Lost in the noise over California is the fact
that the United States imports 10 million barrels of oil
per day. That is a wealth transfer of $110 billion at
today's oil prices.

In truth, the real cost of sky-high energy prices is just
beginning to be felt. Bailing out California's utilities
is just the tip of the energy price iceberg. The
below-the-waterline costs will be sagging consumer and
business confidence and a budding recession as a result of
this energy crisis. I believe it, the Federal Reserve
believes it and before this thing is over, even the most
stubborn of stock market bulls will believe it.

Gruß

Jan


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