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분야
docx2. The Bankruptcy Crisis
3. Cause
3-(1). Causes of bankruptcy
3-(2). Another view of the reasons for bankruptcy
4. Handling of PG&E crisis
5. PG& E bankruptcies affect in US economy
6. lesson
7. reference
② Electricity crisis
- The California electricity crisis, also known as the Western U.S. Energy Crisis, of 2000 and 2001 was a situation where California had an artificial shortage of electricity. The state suffered from multiple large-scale black-outs, one of the state's largest energy companies collapsed, and the economic fall-out greatly harmed Governor Gray Davis's standing.
Artificial supply shortage was created by gratuitously taking power plants offline for (unnecessary) "maintenance" on hot summer days of peak demand. Rolling blackouts adversely affected many businesses dependent upon a reliable supply of electricity, and inconvenienced a large number of retail consumers. This demand supply gap was further exploited by energy companies, mainly Enron. Enron traders were thus able to sell power at premium prices, sometimes up to a factor of 20x its normal peak value.
For this reason, California faced with a electric power crisis. So power outage was occurred frequently and electric charge was risen sharply since late 1998.
③ Bankruptcy of PG&E
- As a result, PG&E (Pacific gas& Electric) suffered financial difficulties because energy supply costs had risen and selling prices had been regulated. They couldn't shift a burden to consumer. So, their deficit was accumulated and finally, they had to file for bankruptcy.
PG&E didn't have borrowing capacity for a breakthrough the lack of cash flow and they couldn't raise fund from capital markets. So, they said that they could be in bankruptcy danger as well as they couldn't settle their debt if legal and institutional rescues aren't enforced. Also, They said that they had possibility of bankruptcy even if state allow the raising of costs, because cash flow was not enough.
So they filed for bankruptcy protection from creditors because of unreimbursed power costs that were running at more than 300 million dollar a month.
The financial crisis was possible because of deregulation legislation instituted in 1996 by Governor Pete Wilson (Republican). Enron took advantage of this deregulation and was involved in economic withholding and inflated price bidding in California's spot markets. The crisis cost $40bn to $45bn.
3-(2). Another view of the reasons for bankruptcy
① Fraud of private enterprises
FTCR, Foundation for Taxpayer and Consumer Rights, submits thick report .
According to the report, electric power shortage of california is due to private enterprises exploiting deregulation.
See the graph by California iso site, Analyzing power system and showing power supply demand chart.
http://www.pge.com
http://money.cnn.com/2001/04/06/news/pacificgas/index.htm
http://www.wsws.org/articles/2001/apr2001/cali-a12.shtml
http://www.turnaround.org/Publications/Articles.aspx?objectID=714
http://wapedia.mobi/en/California_electricity_crisis#1
http://www.cpuc.ca.gov/PUC/energy/Retail+Electric+Markets+and+Finance/PGE+Bankruptcy/
