HVAC Breaking News

California Utilities Elude Bankruptcy

October 9, 2001
/ Print / Reprints /
ShareMore
/ Text Size+
Southern California Edison and PG&E Corporation and its utility unit Pacific Gas and Electric Company have reached agreements with state regulators on plans that would allow them to avoid bankruptcy.

Southern California Edison recently filed a plan with the California Public Utilities Commission to allow the utility to pay much of its $3 billion debt by keeping the current retail rate and cutting off dividends to stockholders until 2003.

Meanwhile, Pacific Gas and Electric Company and PG&E Corporation will become two separate companies. The retail electric and natural gas distribution system will be owned and operated by Pacific Gas and Electric, while electric generation transmission and natural gas transmission will be part of PG&E Corporation.

To pay off creditor’s claims, the reorganized PG&E will have the ability to issue debt and use new financing, it said.

In other California news, the California Energy Commission reported that California consumers used 5.1% less electricity this September compared to the same month last year.

Did you enjoy this article? Click here to subscribe to The NEWS Magazine

Recent Articles by Mark Skaer

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

2014 MCAA Annual Convention

Scenes from the 2014 MCAA Annual Convention in Scottsdale, Ariz.

Podcasts

NEWSmakers: Julian Scadden

Training is an ongoing process. Julian will discuss how you can generate maximum return on time and energy invested training by following a three part process. Listen to this podcast to get expert tips on training, tracking and follow up. 

More Podcasts

THE MAGAZINE

ACHRNEWS

NEWS 04-14-14 cover

2014 April 14

Check out the weekly edition of The NEWS today!

Table Of Contents Subscribe

SERVICE CALLS POLL

Which statement on service calls best applies to your business?
View Results Poll Archive

HVACR INDUSTRY STORE

plumbing-hvac.gif
2014 National Plumbing & HVAC Estimator

Every plumbing and HVAC estimator can use the cost estimates in this practical manual!

More Products

Clear Seas Research

 

Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications, Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

DON'T MISS A THING

Magazine image
 
Register today for complete access to ACHRNews.com. Get full access to the latest features, Extra Edition, and more.

STAY CONNECTED

facebook icontwitter iconyoutube iconLinkedIn i con