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.
CHAPTER 11
UPDATE: PG&E ISSUES STATEMENT ON CPUC TERM SHEET
SAN FRANCISCO - Pacific
Gas and Electric Company today issued the following statement in
response to the filing made in U.S. Bankruptcy Court by the California
Public Utilities Commission (CPUC). On January 16, the Court ordered
the CPUC to submit no later than today a term sheet outlining its
alternative proposal for the utility to emerge from bankruptcy:
"The Court asked the CPUC
to prepare a credible term sheet. The proposal outlined today is
not credible and will not work. It will not work because it overstates
the available cash, understates the debt and undermines the utility's
ability to invest in electric system reliability. Most striking
is the fact that the CPUC continues to misunderstand the meaning
of creditworthiness. The CPUC's term sheet will not restore PG&E
to creditworthy status and thus condemns the state to remain in
the power business."
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