Court Approves PG&E's Motions to Fund Energy Efficiency Programs and Pay Pre-Petition Portion of Property Taxes.Business Editors SAN FRANCISCO--(BUSINESS WIRE)--May 16, 2001 The 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. today approved Pacific Gas and Electric Company's motion to confirm that the funds collected by the utility for Public Purpose Programs -- including energy efficiency, low income, research and development and renewable generation programs -- are not part of the bankruptcy estate and can be used to honor pre-petition obligations incurred in connection with the Public Purpose Programs. In addition the court also allowed the utility to pay its pre-petition portion of property taxes. 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. will be able to immediately pay for costs incurred in connection with the Public Purpose Programs prior to April 6, the day it filed for protection under Chapter 11 of the U.S. Bankruptcy Code Bankruptcy Code may refer to:
Pacific Gas and Electric Company operates the most extensive energy efficiency program in the nation, and the continued vitality of these programs will be a critically important part of California's efforts to reduce the severity of rolling blackouts Rolling blackout refers to an intentionally-engineered electrical power outage, caused by insufficient available resources to meet prevailing demand for electricity. For information about accidental blackouts that are not intentionally engineered, see power outage. this summer. Pacific Gas and Electric Company administers energy efficiency programs under the auspices of the California Public Utilities Commission The California Public Utilities Commission (CPUC; also often commonly referred to as simply the PUC) [1] is a state Public Utilities Commission which regulates privately-owned utilities in the state of California, including electric power, . The utility collects more than $200 million each year from ratepayers, which are used to provide customers with rebates for energy efficient appliances, lighting and equipment; weatherization services for low-income customers; and consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" for residential and business customers. The programs available include 1-2-3 Cashback cashback Noun 1. a discount offered in return for immediate payment 2. a service by which a customer in a shop can draw out cash on a debit card cashback cash n (= discount , Residential Contractor Program, Express Efficiency and Standard Performance Contract. Pacific Gas and Electric Company's ratepayers also fund research and development and renewable generation programs through the California Energy Commission The California Energy Commission is California’s primary energy policy and planning agency. Created in 1974 and headquartered in Sacramento, the Commission has responsibility for activities that include forecasting future energy needs, promoting energy efficiency through . The U.S. Bankruptcy Court also authorized and directed Pacific Gas and Electric Company to pay the pre-petition portion of its property taxes. The company pays property taxes in 49 counties. As a result of today's ruling, Pacific Gas and Electric Company will be able to immediately pay up to $41.2 million, its portion of property taxes prior to April 6, the day it filed for protection under Chapter 11 of the U.S. Bankruptcy Code. The company's total property tax payment was $78.5 million, and it paid the post-petition portion of $37.3 million on April 10. Pacific Gas and Electric Company will continue to work with county tax collectors to determine if the company is subject to any late penalties. |
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