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Enron Mail |
Per your request, please see the attached.
Mike D Smith@EES 02/14/2001 05:37 PM To: Michael Tribolet/Corp/Enron@Enron, Wanda Curry/HOU/EES@EES, Vicki Sharp/HOU/EES@EES, Robert C Williams/Enron@EnronXGate, mday@gmssr.com, James D Steffes/NA/Enron@Enron, Susan J Mara/NA/Enron@ENRON, Jeff Dasovich/NA/Enron@Enron, jklauber@llgm.com cc: Subject: 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.
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