Aust bond prices jolted higher as California power =2 Sydney

AAP General News (Australia)
01-18-2001
Aust bond prices jolted higher as California power =2 Sydney

The last couple of points were squeezed out when, around 1600 AEDT, California Governor
Gray Davis declared a state of emergency in the US state, home to the high tech "Silicon
Valley".

A state of emergency gives authority to the government to direct power usage.

California has had power restrictions enforced because utility companies, at the verge
of bankruptcy, have been unable to buy power.

Price capping at the retail level has prevented them from passing on the hefty increase
in supply costs they have endured.

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