Chapter 11 Update: Pacific Gas and Electric Company Asks Court to Assume Franchise Fee Agreements.Business Editors/Energy Writers SAN FRANCISCO--(BUSINESS WIRE)--July 5, 2001 Pacific Gas and Electric Company
The Pacific Gas and Electric Company (PG&E) , (NYSE: PCG), is the utility that provides natural gas and electricity to most of Northern California. has filed a motion in U.S. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. asking for the authorization The right or permission to use a system resource; the process of granting access. See access control. to assume more than $76 million in franchise fee agreements with cities and counties. California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). cities and counties have granted Pacific Gas and Electric Company permission to install, operate and maintain electric, gas, oil, and water facilities in the public streets owned by these local governments. In exchange for the right to use public streets and roads, privately owned utilities and other public service companies pay an annual franchise fee. The company has 267 electric franchises, 238 gas franchises, 4 oil pipeline franchises, and 1 water franchise. Pacific Gas and Electric Company understands that many cities and counties depend on the fees paid by the utility to fund services and the company wants to limit the impact on local governments. By requesting to assume the franchise agreements, the company is ensuring that it will have the authority to pay its franchise fees when they become due, and minimize In a graphical environment, to hide an application that is currently displayed on screen. For example, in Windows and Mac, the application's window is removed from the screen and represented by an icon on the Windows Taskbar. In the Mac, the icon is placed in the Dock. See Win Minimize windows. any inconvenience to local governments. |
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