SAN FRANCISCO - PG&E Corporation (NYSE: PCG)
and Pacific Gas and Electric Company today issued
the following statement after Commissioners Geoff
Brown and Carl Wood released proposed decisions in
Chapter 11 proceeding:
"Neither of the proposed alternates released today
achieve the immediate and substantial rate relief contained
in the settlement reached between PG&E and the CPUC
"The proposed settlement agreement we reached with
the CPUC staff represents a chance for all the parties
to put the energy crisis behind us, and move to a more
secure future for customers, employees and investors.
We remain confident that the majority of Commissioners
recognize this unique opportunity and will take the
right action by approving the proposed settlement agreement
"PG&E urges the CPUC to vote for President
Peevey's Alternate Number One, which would end the
Chapter 11 case, restore our company to investment
grade credit status, and bring an immediate, significant
rate reduction to our customers."
PG&E and other parties will file comments on today's
proposed decision by December 11. The CPUC is scheduled
to take up the proposed settlement agreement and the
proposed decisions at its December 18th meeting.