When President Bush announced the FutureGen initiative halfway through his first term, industry veterans instinctively understood its purpose. Nominally a public-private partnership to build a “...
(1) the regulatory rate freeze imposed under the state's restructuring scheme,
(2) the state-imposed duty to serve that forced Edison to supply electricity to retail customers regardless of price, and
(3) the Jan. 4 order by the state public utility commission that Edison said barred it from obtaining funds to meet its payment obligations to the PX.