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01 October 2001

California's power crisis is still not over, but deal flow continues and rescue plans are underway. By Jim Smith.

Read more: [power projects] [project finance] [project finance] [power projects] [project financing]

Uncertainty over how the Californian power fiasco eventually will play out is causing spreads to widen on those deals that are going to the project market for financing. Lenders are now looking with concern at some companies, such as Edison Mission and Pacific Gas & Electric, which were perceived as blue chip. Credit analysts at some banks are getting rattled at the energy sector in general while deal-makers are being forced to sweeten the take to lure in recalcitrant lenders.

?There is no doubt that the California energy crisis has had a chilling effect on the perception of how robust the US energy market is, but activity is not grinding to a halt,? says Ken Malloy, chief executive of the Centre for the Advancement of Energy Markets and a former Federal Energy Regulatory Commission official. ?California is unique from a number of perspectives. While every state has at least one stupid energy policy, California has a combination...

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