SCE responds to court decision denying stay of settlement

ROSEMEAD, Calif., Nov. 9, 2001 — U.S. District Court Judge Ronald S.W. Lew today denied a motion by The Utility Reform Network (TURN) to stay his Oct. 5 Stipulated Judgment entered in U.S. District Court, approving the settlement agreement between Southern California Edison and the California Public Utilities Commission (CPUC) pending appeal.

Stephen E. Frank, SCE chairman, president and CEO, issued the following statement in response to today’s action:

“We are pleased that U.S. District Court Judge Ronald S.W. Lew rejected TURN’s attempt to stay the Stipulated Judgment entered October 5, 2001, adopting the settlement agreement between the CPUC and SCE.

“As the judge’s order stated, ‘The Court found the Settlement Agreement to be inherently fair, adequate, and reasonable to the parties, to the creditors, and to the public. A stay of the Stipulated Judgment at this time would create a greater threat of harm to the parties, creditors, and public than to TURN.’

“The court also found that ‘TURN has failed to show a likelihood of success on the merits of its appeal.'”

An Edison International company, Southern California Edison is one of the nation’s largest electric utilities, serving a population of more than 11 million via 4.3 million customer accounts in a 50,000-square-mile service area within central, coastal and Southern California.

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