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California Offers SoCal Edison $2.76 Bil for Its Grid

LOS ANGELES-In a move calculated to keep the state's second-largest utility solvent, California Gov. Gray Davis has offered to buy SoCal Edison's transmission grid for $2.76 billion.

By Erin Cassin | Updated on April 10, 2001

LOS ANGELES-In the latest development of the state’s unfolding energy crisis, California Gov. Gray Davis has announced a deal offering to buy Southern California Edison’s transmission grid for $2.76 billion.

The deal, which is still pending approval by state legislators and regulators, calls for state control of the company’s 12,000-mile network of transmission lines, which carry electricity from power plants crisscrossing much of the Southland. In exchange, the state’s second-largest utility would receive $2.76 billion to pay off debts, including those owed to power generators and agree to provide lower cost power to its customers for the next 10 years.

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