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California conservation group hits PG&E reorganization |
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| USA: November 29, 2001 | ||
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SAN FRANCISCO - A California conservation group attacked Pacific Gas & Electric's reorganization plan in federal bankruptcy court here this week, saying it threatens rivers and watershed lands in the Sierra Nevada mountains.
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The California Hydropower Reform Coalition, which includes nine organizations promoting river restoration and recreation, said it filed motions at the court opposing the San Francisco-based PG&E Corp. subsidiary's plan to transfer its hydropower system to an unregulated affiliate. California farm groups, state energy regulators and several cities and counties also have fought the reorganization, claiming PG&E and an official creditors committee are ignoring the public and trying to evade state regulations. PG&E's reorganization plan would split the parent company and its utility into stand-alone companies, shifting the hydro network, Diablo Canyon nuclear power plant and gas and electric transmission grids to unregulated units of parent PG&E. The plan would give the utility $4.5 billion from the asset transfers to help pay off about $13 billion in debts, including $9 billion in unrecovered power purchase costs incurred in California's energy crisis. The state Public Utilities Commission has issued a draft report that the hydro transfer to an unregulated company could hurt water quality, fish and wildlife habitats and public recreation. PG&E has responded that it's committed to environmental improvements and that the hydro network, nuclear reactors and other assets would continue to be regulated by the Federal Energy Regulatory Commission and the Nuclear Regulatory Commission. "The state already determined that PG&E's plan posed a serious threat to our rivers and to important Sierra lands," said Steve Wald of the hydropower group.
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REUTERS NEWS SERVICE
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