EDITORS: Please do not use
"Pacific Gas and Electric" or "PG&E" when
referring to PG&E Corporation or its National Energy Group.
The PG&E National Energy Group is not the same company as Pacific
Gas and Electric Company, the utility, and is not regulated by the
California Public Utilities Commission. Customers of Pacific Gas
and Electric Company do not have to buy products or services from
the National Energy Group in order to continue to receive quality
regulated services from Pacific Gas and Electric Company.
UPDATE: PG&E ISSUES STATEMENT FOLLOWING BANKRUPTCY COURT DECISION
ON EXTENDING EXCLUSIVITY
SAN FRANCISCO - Pacific
Gas and Electric Company today issued the following statement after
the U.S. Bankruptcy Court extended the exclusivity period for its
plan of reorganization, but allowed the CPUC by February 13 to provide
the Court with specific and credible evidence that it can produce
a viable alternative. The Court also ordered PG&E, the CPUC and
the State to provide comments on January 25 whether a third party
should be appointed to meet with those parties to try and attempt
to resolve conflicts relating to PG&E's plan:
"Today, the Court has extended
the exclusivity period for PG&E's plan of reorganization. PG&E has
worked diligently toward a successful emergence from bankruptcy
by developing a plan of reorganization that pays all valid claims
in full with interest, without selling its assets or asking the
Bankruptcy Court to raise rates or the state for a bailout. PG&E
has been moving forward on its consensual plan and has received
support of the Official Creditors' Committee, and many others.
"The CPUC has indicated
it believes that it can prepare a plan that meets the same standards,
and the Court has granted it until February 13 to provide the details
of any such proposal. PG&E is pleased the Court made it clear that
any plan outline the CPUC files must be clearly credible and capable
of being confirmed, and will not result in merely additional delay
in the resolution of PG&E's bankruptcy.
"One year ago this week,
PG&E's creditworthiness was eliminated as a direct result of the
CPUC's repeated and dramatic failure to heed clear warnings from
the financial community. The CPUC has had ample opportunity to resolve
these problems, but has failed to do so. Since PG&E presented its
plan of reorganization, the CPUC has only attempted to delay and
derail the company's effort to emerge from bankruptcy.
"PG&E is skeptical that
the CPUC would now become a constructive party in trying to resolve
the problems it has created and allowed to continue.
"PG&E understands the concerns
that led the Court to suggest mediation as a possible approach to
address the various areas of conflict. PG&E will be responding to
the Court's proposal on January 25th."