PG&E says CPUC amended order provides breathing room to allow Governor and legislature to address problem

The decision increases retail electric rates, addresses recovery of previously incurred costs by removing inappropriate language from the proposed decision, and identifies the need for the securitization as a mechanism to deal with undercollection of wholesale energy costs, PG&E said.

NEW YORK, NY, Jan. 05, 2001 – Moody’s Investors Service has lowered the ratings of PG&E Corporation (Issuer Rating to Baa3 from A3) and the ratings of Pacific Gas and Electric Company (Senior Secured Debt to Baa2 from A1) following the January 4th decision by the California Public Utilities Commission (CPUC). The ratings remain under review for further downgrade.

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