http://www.vny.com/cf/News/upidetail.cfm?QID=43787

Moody's expects no big Y2K blackouts Tuesday, 14 December 1999 3:36 (GMT)

(UPI Focus) Moody's expects no big Y2K blackouts

NEW YORK, Dec. 13 (UPI) - The potential for liability and the scrutiny of government regulators has a major Wall Street research firm convinced there will be no major power outages in North America on New Year's Day.

Moody's Investors Service said Monday that it was confident the power grid would experience no serious disruptions due to Y2K computer problems.

"Moody's is not predicting there will be no Y2K-related events, but instead we are stating our view that the power grid will provide adequate power on Jan. 1, 2000," the report stated. "Minor glitches may occur, but should not have serious consequences and will be dealt with expeditiously."

An impending collapse of computer-controlled utilities has been part of the worst-case scenarios circulated in the months leading up to the year 2000. Moody's said, however, that the electricity industry has "met the challenge."

Moody's said in an October report it was confident the grid would continue humming on Jan. 1 and reiterated that conclusion Monday with the new year less than two weeks away.

In November, the North American Electric Reliability Council, the organization that represents the regional power distribution systems in the U.S. issued a report stating that the nation's bulk power supply was ready for Y2K. Moody's said similar reports had been issued recently by the Nuclear Regulatory Commission and the Canadian Electricity Association.

Moody's said the potential liabilities of a major outage and the growing competitive nature of the electricity market provided the power industry with ample incentive to prepare for Y2K.

"Avoiding Y2K problems is good customer service," the report said.

Government regulators in the U.S. and Canada have also taken a strong and active interest in making sure that the power companies are ready for Y2K, which Moody's said may have been a reason the entire industry addressed the Y2K issue.

"Utilities themselves may have been just as prepared without regulatory oversight, but growing financial pressures from restructuring could have caused some of the industry's weaker players to be less attentive to the need to prepare," Moody's theorized.

Copyright 1999 by United Press International. All rights reserved.

-- Uncle Bob (UNCLB0B@AOL.COM), December 14, 1999

Answers

Ray got to this piece before you, Uncle Bob. Look down a few posts.

-- TruthSeeker (truthseeker@ seektruth.always), December 14, 1999.

I would have to disagree.

-- Reporter (reporter_atlarge@hotmail.com), December 14, 1999.