California Power Woes Continue.

• Position: Pacific Gas and Electric Co., Southern California Edison - Brief Article

The fallout of the electricity crisis in California broadened in January. Two major utilities defaulted on short-term debt issues of commercial paper, which may have an impact on investors who have purchased these securities (and possibly many public-sector investors in commercial paper). Southern California Edison defaulted on $32 million of commercial paper in mid-January and expects to default on $223...