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Profit rises 9.4% on higher rates

November 07, 2008|Times Wire Reports

PG&E Corp., owner of California's largest utility, said third-quarter profit rose 9.4% on higher rates.

Net income rose to $304 million, or 83 cents a share, from $278 million, or 77 cents, a year earlier, the San Francisco-based company said.

That missed by 3 cents the average of 11 analyst estimates compiled by Bloomberg.

The flagship Pacific Gas & Electric utility is raising electricity rates by $213 million annually through 2010 under a billing plan approved by regulators in March 2007.

The utility provides power to about 5.1 million homes and businesses and natural gas to 4.3 million.

Sales climbed 12% to $3.67 billion as volume of power delivered rose 2.5%, PG&E said.

PG&E shares fell $1.94, or 5.3%, to $34.36.

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