Pacific Gas and Electric Company, the utility unit of PG&E Corporation, filed for Chapter 11 bankruptcy on April 6. The company blamed the filing on unreimbursed energy costs of more than $300 million per month and “continuing California Public Utility Commission (CPUC) decisions that economically disadvantage the company.”
The filing will not affect PG&E Corporation or any of its other subsidiaries, including its National Energy Group.
The company has said it will utilize existing resources to continue operating during bankruptcy, including paying vendors and suppliers in full for goods and services received after the filing. The utility will pay electric commodity suppliers as provided by law.
For more information, contact Pacific Gas and Electric.
