Market hammers California merchant generators’ shares

HOUSTON, Apr. 6, 2001—Merchant generators’ shares were hammered Friday after California utility Pacific Gas & Electric Co. filed for reorganization and protection from creditors under Chapter 11 of the bankruptcy code.

BELLEVUE, Wash., April 6, 2001 — Puget Sound Energy, the utility subsidiary of Puget Energy, said it is pleased by state regulators’ approval yesterday of a new power arrangement between the utility and several large industrial customers.

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