Ever-timid in their reactions to the increasing number ofemergency requests from utilities of late,ÿCaliforniaÿregulatorsmodestly extended a new securitization contract approach tomaintaining Pacific Gas & Electric’s future fuel supplies. TheCPUC action allows PG&E to continue offering suppliers theoption of a lien in retail customer bills that covers the full costof wholesale gas prices. Its 30 to 40 suppliers can sign on for upto 180 days (from the previous 90-day limit). PG&E hadrequested the securitization deals be extended up to 365 days.
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Timid Futures Show Slight Drop
Here today; gone tomorrow was the prevailing mentality in thefutures arena yesterday when the coldest temperatures of the yearwere more than offset by forecasts calling for a warm-up by earlynext week. And as has been the case for most of the month, it wascash prices that not only led the way for the futures market, butalso notched a larger change on the day-where the January contracttrickled down, 2.2 cents to settle at $1.925, cash prices sank by adime on many pipes.
December 23, 1998