Future Shmutz
Natural gas dwindles, alternative energy pulls back
Weisgall‘s CalEnergy, a geothermal firm owed at least $120 million by SCE, went to court and got out of its contract with the utility, putting its power on the open market instead. “We did what we had to do,” says Weisgall. “We were looking at bankruptcy ourselves.”
Weisgall downplays talk of a power strike. But with heavy opposition to the Davis bailout deal, he considers an SCE bankruptcy likely. In bankruptcy court, he notes, alternative generators would be more likely to be paid what they are owed. “Political solutions aren’t working,” he says. “Hard business decisions must be made.”
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