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CALIFORNIA | LOCAL
June 6, 2001 | TIM REITERMAN, TIMES STAFF WRITER
Pacific Gas & Electric Co. and the state's power grid operator reached an agreement Tuesday that insulated PG&E at least temporarily from more than $1 billion in power purchases the state made for its customers. The California Independent System Operator sent $1.26 billion in invoices to the utility for power purchases by the state Department of Water Resources for PG&E customers from January through March.
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BUSINESS
November 11, 2003 | From Reuters
Pacific Gas & Electric Co.'s top financial officer laid out a recovery plan in Bankruptcy Court on Monday, as the trial opened for the big utility that sought protection from creditors during the state's energy crisis in April 2001. Leadoff witness Kent Harvey, senior vice president and chief financial officer for the PG&E Corp.-owned utility, testified that the plan would pay off creditors, restore investment-grade credit ratings, reduce electricity rates over nine years and release a variety of legal claims.
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CALIFORNIA | LOCAL
June 20, 2001 | CARL INGRAM, TIMES STAFF WRITER
Gov. Gray Davis sought to assure the state Senate on Tuesday that his plan to save Southern California Edison from threatened financial collapse would work without increasing customer rates. Davis sent assurances to the Senate Energy Committee through his top attorney, Barry Goode, who helped negotiate the controversial proposal with the utility. Senate Republicans have taken a wait-and-see attitude on the plan.
BUSINESS
September 22, 2001 | JERRY HIRSCH, TIMES STAFF WRITER
Southern California Edison creditors said Friday that the company should call a meeting to begin work on a joint plan to return the insolvent utility to fiscal health, a process they believe can start without a bankruptcy filing. Creditors said they are reluctant to file an involuntary-bankruptcy petition against SCE until the state Legislature makes one last effort to agree on a rescue plan. Additionally, the creditors said they want to see how a plan unveiled by Pacific Gas & Electric Co.
NEWS
February 15, 2001 | NANCY VOGEL, TIMES STAFF WRITER
In a victory for California's private power plant owners, federal regulators ruled Wednesday that power suppliers cannot be forced to bear the risk that they won't get paid when grid operators order them to supply emergency power. The ruling by the Federal Energy Regulatory Commission in Washington D.C. hinders the state's effort to hold down emergency electricity costs, and it could bolster the power generators' case in federal lawsuits against California grid operators.
NEWS
April 7, 2001 | MIGUEL BUSTILLO JULIE TAMAKI and CARL INGRAM, TIMES STAFF WRITERS
Months of delicate planning by California's legislators to rescue the state from a deepening energy crisis collapsed into chaos and uncertainty Friday with the bankruptcy filing by Pacific Gas & Electric. Among the most immediate casualties of the bankruptcy filing, according to legislators and others, were Gov.
NEWS
January 24, 2001 | MICHAEL A. HILTZIK, TIMES STAFF WRITER
In the debate over how deregulation has brought California's two largest utilities to the brink of bankruptcy, one question is beginning to move to center stage: What did they do with the money? The money in question is an estimated $10-billion windfall that Southern California Edison and Pacific Gas & Electric each reaped in the early stages of deregulation, from early 1998 through April 2000, the last month in which revenue from frozen electrical rates covered their cost of buying power.
BUSINESS
June 22, 2001 | JERRY HIRSCH, TIMES STAFF WRITER
Edison International is offering investors what analysts are calling an unprecedented 13% interest rate for $1.2 billion in notes to refinance debt. Even so, it's far from certain that the Rosemead-based power company will find enough buyers to complete the deal.
BUSINESS
May 26, 1994 | MICHAEL PARRISH, TIMES STAFF WRITER
In an unprecedented strategy likely to be repeated around the country as states deregulate their electric utilities, Southern California Edison Co. won permission Wednesday to speed up the payoff of its investment in two nuclear power facilities. The move is intended to strengthen the company's financial posture amid looming competition.
NEWS
October 25, 1991 | FREDERICK M. MUIR, TIMES STAFF WRITER
In a major break with their staff, directors of the Metropolitan Water District on Thursday voted to tentatively delay a proposed rate increase and ordered management to come up with additional budget cuts to close a projected $350-million funding gap. Directors also instructed the staff to hold any rate hike request to about 20%--or about 90 cents per month on the average household bill. The staff previously had sought up to an 80% increase in rates.
CALIFORNIA | LOCAL
August 22, 2001 | MIGUEL BUSTILLO and DAN MORAIN, TIMES STAFF WRITERS
The rough outlines of a possible deal to keep Southern California Edison out of bankruptcy began to emerge Tuesday as Gov. Gray Davis made a personal plea for lawmakers to approve a scaled-back bailout plan and company officials backed away from opposing it. The plan, similar to one that already passed the state Senate, would cover most, but not all, of the utility's $3.9-billion debt. "We're not doing this for Edison's sake.
CALIFORNIA | LOCAL
June 28, 2001 | DAN MORAIN, TIMES STAFF WRITER
Two Wall Street firms that have been key financial advisors to Gov. Gray Davis stand to make more than $14 million if the Legislature approves rescue plans for Southern California Edison and other utilities, the consultants' contract released Wednesday shows. The contract shows that the firms of Blackstone Group and Saber Partners, which have taken the lead in Davis' efforts to rescue Edison and other utilities, are assured of receiving $275,000 per month, with a cap of $1.1 million.
BUSINESS
June 22, 2001 | JERRY HIRSCH, TIMES STAFF WRITER
Edison International is offering investors what analysts are calling an unprecedented 13% interest rate for $1.2 billion in notes to refinance debt. Even so, it's far from certain that the Rosemead-based power company will find enough buyers to complete the deal.
CALIFORNIA | LOCAL
June 20, 2001 | CARL INGRAM, TIMES STAFF WRITER
Gov. Gray Davis sought to assure the state Senate on Tuesday that his plan to save Southern California Edison from threatened financial collapse would work without increasing customer rates. Davis sent assurances to the Senate Energy Committee through his top attorney, Barry Goode, who helped negotiate the controversial proposal with the utility. Senate Republicans have taken a wait-and-see attitude on the plan.
CALIFORNIA | LOCAL
June 6, 2001 | TIM REITERMAN, TIMES STAFF WRITER
Pacific Gas & Electric Co. and the state's power grid operator reached an agreement Tuesday that insulated PG&E at least temporarily from more than $1 billion in power purchases the state made for its customers. The California Independent System Operator sent $1.26 billion in invoices to the utility for power purchases by the state Department of Water Resources for PG&E customers from January through March.
NEWS
April 7, 2001 | MIGUEL BUSTILLO JULIE TAMAKI and CARL INGRAM, TIMES STAFF WRITERS
Months of delicate planning by California's legislators to rescue the state from a deepening energy crisis collapsed into chaos and uncertainty Friday with the bankruptcy filing by Pacific Gas & Electric. Among the most immediate casualties of the bankruptcy filing, according to legislators and others, were Gov.
NEWS
February 28, 1989
Pacific Bell's residential customers would win an average reduction of about 25 cents on their monthly bills--much less than originally proposed--under a tentative settlement to resolve a dispute over allegations of wasteful spending by the phone company. The agreement, which still must receive final approval from the California Public Utilities Commission, calls for Pacific Bell to reduce rates over a four-year period by $36 million a year, or $144 million in all.
BUSINESS
February 16, 2001 | NANCY RIVERA BROOKS and JAMES F. PELTZ, TIMES STAFF WRITERS
The daily involuntary bankruptcy watch continued Thursday for the state's two largest utilities, as banks for Southern California Edison and Pacific Gas & Electric continued to offer forbearance on hundreds of millions of dollars in unpaid bills. SCE, the Rosemead-based utility arm of Edison International, said it remains in discussions with its bankers about whether they will give the company more time to make good on a $230-million default, a day after PG&E Corp.'
BUSINESS
April 7, 2001 | NANCY RIVERA BROOKS and MITCHELL LANDSBERG, TIMES STAFF WRITERS
Pacific Gas & Electric Co.'s plunge into the relatively uncharted waters of utility bankruptcy threatens to swamp Southern California Edison and splash other utilities in the process, industry executives and analysts said Friday. Edison stressed Friday that it has no intention of following PG&E's lead in filing for protection from its creditors under Chapter 11 of the U.S. Bankruptcy Code.
BUSINESS
March 23, 2001 | Nancy Rivera Brooks
Southern California Edison's current cash reserve of $1.91 billion is about $722 million less than what it owes in defaulted payments to electricity suppliers and holders of various types of debt, the Rosemead utility said in a filing with the Securities and Exchange Commission. Among the unpaid bills is an $839.5-million tab with alternative energy providers, many of which have shut down or sharply reduced production because Edison is not paying them. Another $428.
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