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.