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PG&E Seeks FERC Approval of Operations Transfer

03 December 2001 , 07:59461
PG&E filed the request in seven separate applications, about 20,000 pages, with the FERC and NRC. The plan has been blasted by consumer advocates, state officials and the California PUC who accused PG&E of trying to remove its power plants from state regulation. PG&E, which owes billions of dollars to creditors, filed for Chapter 11 bankruptcy protection last April, blaming its on a state rate freeze that left it unable to collect the full price of electricity from its customers for months. PG&E says the filing is part of its plan to emerge from bankruptcy and that it
filed in conjunction with proceedings because federal approval could take up to 8 months. The plan proposes PG&E form a natural gas transmission company, an electrical transmission company and a company that would own PG&E's hydroelectric assets and nuclear power plant. The 3 companies would be under the corporate umbrella of parent company PG&E Corp and would be operated separately from the utility. PG&E would split from its parent, then borrow against the assets of the 3 companies to raise about $13.2 billion to pay creditors without raising customer rates.

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