California's Biggest Utility Files for Bankruptcy

LOS ANGELES-Pacific Gas & Electric seeks Chapter 11 protection, even after having 46% rate hike approved a week earlier. Move shocks state officials and leaves 13 million residential and commercial electricity users hoping for the best.

By David W. Myers | Updated on April 06, 2001

LOS ANGELES-California’s largest utility company filed for Chapter 11 bankruptcy protection Friday, shocking state officials, Wall Street investors and 13 million residential and commercial electricity users alike.

The utility, Pacific Gas & Electric, provides natural gas and electric service across 70,000 square miles of Northern and Central California. It has more than 20,00 employees.

“The regulatory and political processes have failed us, and now we are turning to the court,” Robert D. Glynn Jr., chairman of corporate parent PG&E Corp., said in a statement announcing the bankruptcy filing. “We expect the court will provide the venue needed to reach a solution, which thus far the state and the state’s regulators have been unable to achieve.”

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