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The managing director of the Australian Stock Exchange says that power companies may not meet the deadline.
This is from the THE AUSTRALIAN (May 4).
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THE managing director of the Australian Stock Exchange, Richard Humphry, has warned that the Victorian electricity industry may be unable to fix the millennium bug computer problem on time.
He says there could be severe power shortages from January 2000 across the national grid.
Mr Humphry said the disclosure by power distributor United Energy in its prospectus that it was still at the planning stage in dealing with the glitch that might kick in in 2000 had raised an "interesting issue" about the readiness of the Victorian industry to combat the problem.
"I'm glad they've disclosed it. But I think what they've disclosed is inadequate to guarantee they'll be ready in time," Mr Humphry said.
"As a generalisation, virtually any large organisation that is not well advanced in its remedial work and had planned to complete it by the end of this calendar year is probably in serious trouble. That's because it will take them a lot longer than they anticipated to fully test all of their systems," he said.
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