The Canadian Press reported in March that San Francisco-based PG&E National Energy Group Corp. has received a $1.2-billion US tax refund and will hand over $1.1 billion to its nearly bankrupt utility, Pacific Gas and Electric Company. With the refund, Pacific Gas and Electric’s cash reserves rose to $2.7 billion, although it’s still not enough to pay off more than $8 billion in debt that the utility ran up since last May when wholesale electricity prices surpassed retail prices. According to reports, the utility plans to use some of the money to continue delivering power to its customers while also paying off its creditors. For more information, contact PG&E National Energy Group or Pacific Gas and Electric.
Based on a report from ElectricNet.com
