PG&E SEC Filing

Please see the bold language in the article below about PG&E's recent SEC
filing. Sounds like our "negative CTC's."

Michael--do you have a copy of that SEC filing? MDS

NEW YORK (Reuters) - PG&E Corp.(NYSE:PCG - news), embattled parent of Pacific
Gas & Electric Co., said on Wednesday it is examining a restructuring of its
bank loans and commercial paper, and that bank lenders on a $1 billion
revolving credit facility to its California electric utility unit won't act
upon that unit's previously announced default until March 6.
San Francisco-based PG&E made the disclosures in a filing late Wednesday with
the Securities and Exchange Commission (news - web sites) (SEC). The utility
had about $1 billion in cash as of Tuesday, PG&E said.
A similar bank deadline affecting credit lines of Southern California Edison
(news - web sites), that state's No. 2 utility and a unit of Rosemead,
Calif.-based Edison International(NYSE:EIX - news), was to expire on Tuesday.
PG&E also said in its filing that as of Monday, Pacific G&E, California's No.
1 utility, may not have paid as much as $433 million of ``energy credits'' to
customers who have chosen to buy their electric energy from a provider other
than Pacific G&E. The utility is required under state regulations to offer
the credits, it said.
Pacific G&E and SoCal Edison have been unable to recover about $12 billion
because of a rate freeze imposed under California's 1996 utility deregulation
law, which has left them unable to pass on their soaring wholesale power
costs to consumers.