PG&E Cuts Checks for Efficiency Programs
The utility has written about 11,000 checks to customers, contractors, and vendors since the court gave approval on May 16. The payments, totaling near $38 million, had been frozen along with all creditors’ claims when the utility filed for protection under Chapter 11 of the U.S. Bankruptcy Code. PG&E filed a motion on April 24, asking the court to confirm that the energy efficiency funds are a protected trust and therefore not part of the bankruptcy estate. The court approved the motion, permitting the utility to begin writing checks.
“We recognize that energy efficiency programs are critical to helping the state address the energy crisis, and we’re pleased the court has confirmed that funding for the programs is not impacted by the bankruptcy proceeding,” said Steve McCarty, director of the utility’s customer energy management program.
Publication date: 06/04/2001