Who cares if Southern California Edison goes bankrupt, now that the Legislature has adjourned without acting to rescue our electric utility? This may be hard to swallow for those who don't like their power company — but everyone should care.
First, if Edison is allowed to go into bankruptcy, it would hurt our geothermal power plants we operate here that provide enough electricity for approximately 80,000 homes. Covanta Geothermal generates up to 80 megawatts of renewable, environmentally sound electricity. This electricity, which does not have the emissions associated with more traditional fossil fuel-fired power plants, is sold to Southern California Edison under long- term contracts.
In addition, with 55 employees and an annual payroll of over $3.9 million, Covanta Geothermal plays an important role as a local employer and as one of the largest property taxpayers in Imperial County. Edison owes our company millions, and there's no way to know what part of that we would be paid in bankruptcy proceedings.