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CALIFORNIA | ENERGY | THE STATE

PG&E to Sell 3 Plants, Geothermal Facility

June 25, 1997|(Chris Kraul)

Stripping down in preparation for the competitive energy market coming to the state in January, Pacific Gas & Electric of San Francisco said it will sell the three major fossil-fuel-burning power plants it had not previously decided to divest, plus a geothermal power facility in Sonoma County. The three plants, in Antioch, Pittsburg and San Francisco, plus the Geysers geothermal facility, generate a total of 4,289 megawatts of power, or roughly 10% of PG&E's electric sales last year, and have a book value of $750 million. In October, the utility put four other fossil fuel plants on the market with a total of 3,059 megawatts of capacity. The sale, which will leave the utility essentially with its nuclear and hydro power stations, is another step in its move from a vertically integrated monopoly to a power distribution company, Chief Executive Stanley Skinner said in a statement.

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