Redwood City-San Mateo County Chamber of Commerce Supports PG&E Bankruptcy Reorganization Settlement

REDWOOD CITY, CA - October 29, 2003 The California Public Utilities Commission's (CPUC) staff and Pacific Gas & Electric Company and its parent, PG&E Corporation, have arrived at a compromise reorganization plan for PG&E's emergence from bankruptcy. The proposed settlement agreement would resolve the competing plans of reorganization.

If approved, the settlement will institute rate reductions starting in January of 2004 and carrying on every year through 2009. These reductions will lead to immediate savings for companies like our Chamber members that were forced to spend emergency reserve funds to deal with escalating utility costs in 2001. Approval of the proposed settlement would ensure this damaging cycle is not repeated.

At their October, 2003 Board Meeting, the Redwood City-San Mateo County Chamber of Commerce Board of Directors voted to support the settlement.

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