EDITORS: Please do not use
"Pacific Gas and Electric" or "PG&E" when
referring to PG&E Corporation or its National Energy Group.
The PG&E National Energy Group is not the same company as Pacific
Gas and Electric Company, the utility, and is not regulated by the
California Public Utilities Commission. Customers of Pacific Gas
and Electric Company do not have to buy products or services from
the National Energy Group in order to continue to receive quality
regulated services from Pacific Gas and Electric Company.
UPDATE: U.S. BANKRUPTCY COURT APPROVES PACIFIC GAS AND ELECTRIC
COMPANY'S DISCLOSURE STATEMENT
SAN FRANCISCO - Pacific
Gas and Electric Company today issued the following statement after
the U.S. Bankruptcy Court approved its disclosure statement:
"The approval of the disclosure
statement is a significant milestone as the case moves forward in
the bankruptcy process. PG&E remains confident that it has the only
solution that restores the utility's investment-grade credit rating
and allows the State to exit the power buying business."
Also in Court today, PG&E
questioned whether the California Public Utilities Commission (CPUC)
had the necessary authority to submit and agree to be bound by the
alternative plan of reorganization it filed last week. The CPUC
had earlier indicated to the Bankruptcy Court that it had the authority
to submit a binding plan and would do so by the Court's deadline.
However on April 11, responding
to a legal challenge by the Foundation for Taxpayers and Consumer
Rights (FTCR) that it did not have the authority to propose an alternative
plan, the CPUC said it would open a proceeding to consider the rate
impacts of its plan of reorganization in order to give interested
parties an opportunity to comment. On April 17, two days after the
CPUC filed its alternative plan, it told the California Supreme
Court the FTCR charge should be dismissed because the Commission
planned to hold the public hearings and give parties an opportunity
to challenge its alternative plan. And in fact on April 22, the
CPUC opened the proceeding to hold a public hearing.
PG&E indicated to the Bankruptcy
Court that it believes these inconsistencies need to be resolved
before the CPUC's alternative plan can be allowed to move forward.