California: Energy firm chief says the future looks bright (Calpine )

The San Jose Mercury News ^ | Fri, Jan. 17, 2003 | Leigh Weimers Mercury News

[Ernest_at_the_Beach]

Despite the widespread power outages during November's and December's storms, the lights stayed on at Peter Cartwright's Saratoga home. Other than that, though, last year was not one of his brightest. Cartwright, the CEO of San Jose energy company Calpine, saw his company's stock fall more than 80 percent. Energy crisis fallout and corporate scandals buffeted his industry. The low point came when the New York Times business section pictured Cartwright and Gov. Gray Davis with a story predicting that Calpine would be the next Enron.

[Ernest_at_the_Beach]

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[Ernest_at_the_Beach]

Even in California, Cartwright stressed, despite what he terms a ``hostile business climate'' that he said has led energy corporations in Georgia, New York and Texas to pull out. ``They view California as they would a third-world country,'' he said, ``an unreliable place to do business.''

[Ernest_at_the_Beach]

PG&E unit defaults on debt -- PG&E Corp. said Thursday that its National Energy Group subsidiary, which builds power plants and trades energy, has defaulted on about $2.9 billion in debt and will take nearly $250 million in charges for the fourth quarter. Nancy Rivera Brooks in the Los Angeles Times -- 1/17/03

[BOBTHENAILER]

``They view California as they would a third-world country,'' he said, ``an unreliable place to do business.''

You captured the best line. Contracts are meaningless. There is no law in CA.

[tubebender]

``They view California as they would a third-world country,'' he said, ``an unreliable place to do business.''

Ya gotta love that line. Now it's the cities and counties turn in the barrel with the Gov.

[SierraWasp]

What's this all about? I won't go to that site!

[Ernest_at_the_Beach]

I have not registered either. So I just put up that piece from Rough & Tumble.

I'll look later on Bloomberg and Dow Jones to see what they have!

[Ernest_at_the_Beach]

Found a note, I will post it!

[Grampa Dave]

This paragraph needs to be repeated and repeated with the spotlight on the Rats like Davis and Burton and of course their Watermelon Green Jihadists. All of them work 24/7 to make California a hostile place for businesses.

In California, Cartwright stressed, despite what he terms a ``hostile business climate'' that he said has led energy corporations in Georgia, New York and Texas to pull out. ``They view California as they would a third-world country,'' he said, ``an unreliable place to do business.''

[lewislynn]

Lenders Provide Funding for PG&E National Energy Group's Construction Projects Through Completion

[Ernest_at_the_Beach]

Thanks for the link.

[marron]

Calpine is one of Gray Davis' bigger contributors. This may be the source of their confidence.