SOUTHERN CALIFORNIA EDISON CHAIRMAN DESCRIBES ENERGY TAX AS 'SOUND AND EVEN-HANDED APPROACH TO DEFICIT REDUCTION'
ROSEMEAD, Calif., Feb. 18 /PRNewswire/ -- SCEcorp and Southern California Edison Co. "recognize the need to reduce the deficit, and believe the proposed energy tax is a fair way to help accomplish that goal," said John E. Bryson, chairman and chief executive officer of the electric utility and its holding company. "Although nobody likes to see taxes go up, we should do our part," Bryson said. "The proposed energy tax appears to be a sound and even-handed approach to raising revenues without creating significant regional or competitive dislocations." Southern California Edison is one of the nation's largest electric utilities, serving more than 10 million people in Southern and Central California. It generates electricity through a diverse resource mix that includes natural gas, nuclear, hydroelectric, coal, and an array of alternative and renewable resources. Edison does not use any oil to generate electricity. "If the energy tax proposal is enacted, we urge that it be expanded to include greater plow-back of energy tax revenues to support enhanced energy efficiency and development of energy infrastructure," Bryson said. "The long-term health of our economy demands that we become more energy efficient as a nation. Today we consume about twice as much energy per unit of economic output as our major industrial competitors like Japan and Germany. "We also urge that a portion of the tax revenues raised in California be returned to this state to help create jobs in areas hard-hit by reduced defense spending," he said. When fully implemented in three years, the energy tax and increased corporate income tax will increase the bills of Edison customers by about 3 percent, Bryson said. "The energy tax proposal should be implemented so that it does not create unintended windfalls for specific technologies or generating facilities," Bryson said. The proposed tax will apply to electricity generated by coal, oil, natural gas, nuclear and hydroelectric facilities. It does exempt electricity generated by alternative resources such as solar, wind and geothermal. Today such alternative sources supply about 3 percent of the electricity Edison provides its customers. The tax falls more heavily on oil, but since Edison does not use fuel oil in its generating plants, Edison customers will not be affected by the supplemental oil tax, Bryson said. -0- 2/18/93 /CONTACT: Lewis Phelps of Southern California Edison, 818-302-2255
CO: Southern California Edison ST: California IN: OIL SU:
MS-JB -- LA062 -- 8184 02/18/93 18:44 EST
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|Date:||Feb 18, 1993|
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