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THE CALIFORNIA ENERGY CRISIS

Edison Decides Not to Enter a Float in 2002 Rose Parade

April 08, 2001|RICHARD WINTON | TIMES STAFF WRITER

After a decade of Rose Parade floats, Edison International announced Saturday that it has withdrawn from the 2002 drive down Pasadena's Colorado Boulevard because of financial instability.

The decision by the parent company of Southern California Edison, the state's second-largest utility, was made public on the heels of Friday's bankruptcy filing by Pacific Gas & Electric Co.

"We have decided not to have a float in the 2002 Rose Parade because of the financial situation," said company spokesman Ray Golden.

The firm informed the Pasadena Tournament of Roses Assn., which organizes the New Year's Day parade, of the decision last week.

When reached Saturday, tournament association President Ronald Okum said, "Edison has been an outstanding participant, and we hope in the near future they will be back."

Golden said the company may participate in future Rose Parades.

During March and April, builders usually begin work on the often-complex designs of the floats, some costing as much as $1 million.

As the power crisis deepened this winter, Edison donated its $250,000 float to an environmental conservation group, the Wetlands Recovery Project, to enter in the 2001 parade, company officials said.

The Rosemead-based utility has an estimated $5.5 billion in debts.

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