El Paso says it is owed $50 million by California utilities

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El Paso says it is owed $50 million by California utilities

HOUSTON (Reuters) - El Paso Energy Corp. said on Monday it has ``no significant exposure'' to the electricity crisis in California, which has brought the state's two biggest utilities to the brink of bankruptcy.

Company executives said in a conference call with analysts that the company was currently owed about $50 million by the two utilities, Southern California Edison (EIX.N) and Pacific Gas & Electric. El Paso supplies natural gas to both utilities.

El Paso executives said the company has about 400 megawatts of electricity generation capacity in California, a smaller amount than many of the other companies that operate in the state's power and natural gas markets.

The executives said they were encouraged by recent initiatives taken in California to find a solution to the state's electricity supply problems and the rolling blackouts that have resulted.

http://www.bayarea.com/c/breaking/docs/079440.htm

-- Martin Thompson (mthom1927@aol.com), January 29, 2001


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