SAN FRANCISCO - Pacific
Gas and Electric Company today issued the following statement after
the California Public Utilities Commission (CPUC) filed a motion
in Bankruptcy Court objecting to the extension of the utility's
exclusivity period and announced sparse elements of an alternative
plan:
"The CPUC announcement today
is simply the latest in a series efforts to delay PG&E's emergence
from bankruptcy. The CPUC, whose actions and inactions were a major
cause of the state's energy crisis and PG&E's bankruptcy, has tried
to obstruct our efforts to resolve the case.
"PG&E has developed a plan
of reorganization that resolves all creditor claims, does not ask
the Bankruptcy Court to raise rates, protects customers from rate
volatility and provides a path for the state to get out of the energy
business. Our plan is supported by the Official Creditors' Committee
and has been developed in record time, notable achievements in a
bankruptcy of this size.
"The elements outlined today
by the CPUC do not appear to provide these benefits. We will be
asking the Bankruptcy Court to deny the CPUC's request."