Upbeat

The picture for generation demand may have turned fuzzy in recent months, but over the long haul generators should not experience any major problems in being able to get access to the capital they need to finance their projects, a financial analyst told a FERC-sponsored energy infrastructure conference last Thursday in New York City.

Far from the opening federal settlement hearing in Washington, DC, on potential electricity refunds, California’s Gov. Gray Davis used the bully pulpit of orchestrated media events Monday in Sacramento to drive home his contention that his state’s consumers have been “ripped off,” and they have up to $9 billion in refunds coming to them.

Except for declines at several of the highest-priced westernpoints, the cash market stayed in an upbeat mood Friday. Gainsranged from about a dime to more than 30 cents, with most between20 and 30 cents. Malin joined the three primary Pacific Northwestpoints (Sumas, Stanfield and Kingsgate) in falling from their loftyheights.

Chairman Joe Barton (R-TX) of the House energy and powersubcommittee said yesterday he’s “optimistic” that long-awaitedlegislation to restructure the electricity industry will be signedinto law next year.