California Retailers Association Supports PG&E Reorganization Plan
SACRAMENTO, Calif., Oct. 1 /PRNewswire/ -- California Retailers Association today released the following statement on Pacific Gas and Electric Company's proposal to emerge from bankruptcy: 
"The California Retailers Association supports this plan because of the many benefits it offers to California, its consumers, and its businesses." 
"We are pleased that this proposal would allow PG&E to pay the tens of thousands of small businesses who are owed money -- in full, with interest. These firms, through no fault of their own, have been hurt by this energy crisis, and should be made whole -- and will be, under this proposal." 
"We are particularly pleased that PG&E's plan does not include any kind of rate increase. With our economy hanging in the balance, the last thing California consumers or small businesses need is higher utility rates. The plan also will provide consumers with power pricing stability -- by locking in long-term prices for power at a relatively low price. This will benefit all customers by establishing fair prices that won't spike over time." 
"Finally, it is critically important to note that the plan is designed to return PG&E to financial viability so that the State of California can get out of the power procurement business, which has been taking funds away from other economic and social programs. The plan also does not require any legislative action or any financial bailout, so the State's attention and funds may once again be focused on their appropriate objectives." 
The California Retailers Association is a trade association representing major California department and specialty stores, mass merchandisers, grocery, chain drug and convenience stores. Our members have more than 9,000 stores in California and account for more than $100 billion in sales annually.