SAN FRANCISCO, CA — Pacific Gas and Electric Co., the utility unit of PG&E Corp., has filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code.
The company said it has taken this action in light of its unreimbursed energy costs, which are now increasing by more than $300 million per month, continuing California Public Utilities Commission (CPUC) decisions that economically disadvantage the company, and because negotiations with Governor Gray Davis and his representatives have stalled.