---------------------- Forwarded by Carla Hoffman/PDX/ECT on 12/21/2000 12:33 
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	Enron Capital & Trade Resources Corp.
	
	From:  "Pergher, Gunther" <Gunther.Pergher@dowjones.com>                      
     12/21/2000 12:21 PM
	

To: undisclosed-recipients:;
cc:  
Subject: DJ Calif PUC OKs PG&E Issuance Of $2B In Long-Term Debt


19:05 GMT 21 December 2000 *DJ Calif PUC OKs PG&E Issuance Of $2B In
Long-Term Debt
(MORE) Dow Jones Newswires 21-12-00
1905GMT
Issuance To Fund $4.5B Undercollections
LOS ANGELES (Dow Jones)--The California Public Utilities Commission Thursday
swiftly granted Pacific Gas and Electric Co.'s request to issue up to $2
billion in long-term debt to finance undercollections of wholesale power
costs.
The PG&E Corp.(PCG) unit has undercollections totalling $4.5 billion as it
is unable to pass high wholesale electricity costs to customers due to a
rate freeze. The utility has filed a request with the PUC to end that rate
freeze and allow rate hikes.
In its application, Pacific Gas and Electric said the size of its
undercollection made it difficult to obtain short-term debt, and that
long-term debt issuance was therefore necessary, the PUC said.
The PUC decision also allows the utility to use $370 million of the $2
billion for other purposes if those funds are not needed to finance
undercollections. It was not immediate clear what other purposes those funds
could be used for, however.
PG&E's request for perpetual authority to issue $2 billion in long-term debt
was denied.
-By Jessica Berthold; Dow Jones Newswires; 323-658-3872;
jessica.berthold@dowjones.com
(END) Dow Jones Newswires 21-12-00
1929GMT


G_nther A. Pergher
Senior Analyst
Dow Jones & Company Inc.
Tel.  609.520.7067
Fax. 609.452.3531

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