DWP Still Waiting for Power Payment

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DWP Still Waiting for Power Payment But Has Plenty of Supplies (KFWB) --

City councilmembers were told there had been no progress in getting back the $180 million owed to the city-owned Department of Water and Power by Pacific Gas & Electric and the state power exchange.

The city attorney tells the council Angelenos are not very high on the list of creditors to be repaid. Councilman Rudy Svornich predicts the city will eventually get only ten cents on the dollar, if anything at all, for selling excess power to other cities at the start of the crisis. He says even that could take five years. Both debtors are in bankruptcy court.

-- PHO (owennos@bigfoot.com), May 11, 2001

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