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| 8:28PM | Settlement deal in PG&E bankruptcy reached (PCG) by Carolyn Pritchard | ||
| SAN FRANCISCO (CBS.MW) -- A proposed settlement has been reached between Pacific Gas & Electric, its parent corporation, PG&E Corp. (PCG) and the California Public Utilities Commission over the utility's reorganization plan. If approved, the deal would allow the bankrupt utility to emerge from Chapter 11 bankruptcy intact, as an investment grade utility, to pay all valid creditor claims and "to do so without raising our customers' rates," PG&E said in a statement. The CPUC staff projects that rates would come down starting Jan. 1, 2004, by approximately $350 million per year. This means that average retail electric rates are projected to come down by about half a cent (from their current 13.87 cents/kwh) on Jan. 1, 2004, and continue falling to about 12.8 cents by 2008. All of the utility's existing creditors would be paid in cash under the proposed settlement plan, except for certain pollution control bonds, which, along with the utility's preferred stock, would be reinstated. Dividend payments to shareholders would remain suspended until July 1, 2004. It is expected that the utility would emerge from bankruptcy in early 2004. | |||
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| 8:28PM | Settlement deal in PG&E bankruptcy reached (PCG) by Carolyn Pritchard | ||
| SAN FRANCISCO (CBS.MW) -- A proposed settlement has been reached between Pacific Gas & Electric, its parent corporation, PG&E Corp. (PCG) and the California Public Utilities Commission over the utility's reorganization plan. If approved, the deal would allow the bankrupt utility to emerge from Chapter 11 bankruptcy intact, as an investment grade utility, to pay all valid creditor claims and "to do so without raising our customers' rates," PG&E said in a statement. The CPUC staff projects that rates would come down starting Jan. 1, 2004, by approximately $350 million per year. This means that average retail electric rates are projected to come down by about half a cent (from their current 13.87 cents/kwh) on Jan. 1, 2004, and continue falling to about 12.8 cents by 2008. All of the utility's existing creditors would be paid in cash under the proposed settlement plan, except for certain pollution control bonds, which, along with the utility's preferred stock, would be reinstated. Dividend payments to shareholders would remain suspended until July 1, 2004. It is expected that the utility would emerge from bankruptcy in early 2004. | |||
Yes, but "140,0000 acres" is certainly a strange number! That's worse that gray dimbulb's floating deficit decimal!!!
I can hardly wait till "The Tragedy Of The Commons" hits all that new public land! I still ask everyone to ponder...
Do you prefer privately maintained restrooms to publically maintained restrooms?
Do you prefer government hospitals to private hospitals?
Do you prefer government schools to private schools?
Do you prefer government run services of any kind to privately run services of any kind?
When are we going to stop this Commonistic Power/Land GRABBING?
I know PG&E agreed to this under total duress... to survive, to live and fight again another day. The stockholders won't like it, but they are totally snookered too!
Soon all of you will be snookered, excluded and herded from CA's beautiful countryside into the beastly crime/liberal filled megalopolises from which you have temporarily escaped!
It seems too radical to be possible, but free market capitalism and the system/nation it built are shaking and burning like the twin towers. Not from a terrorist plane crash, but from the incremental action of the EnvironMental termites undermining our nation of unique individuals who love and appreciate free enterprise with personal responsibility.
The commons will be more tragically neglected and paradise will be lost and the ignorant dreamers will take us all down with their hopeless nonscience nonsense! It's happening right in front of everyone's eyes and yet the answer is in a FReepers published solution at www.naturalprocess.net...