This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

PG&E To Offer Targeted Electric Rate Reductions To Promote Economic Development

Stocks in this article: PCG

SAN FRANCISCO, Oct. 3, 2013 /PRNewswire/ -- Pacific Gas and Electric Company (PG&E) will soon begin offering a competitive new electric rate aimed at promoting economic development by making it possible for eligible employers to keep, expand or launch new operations in California rather than leave the state. The new rate, approved today by the California Public Utilities Commission, is designed to benefit all PG&E customers by making more revenues available to cover fixed costs.

"As a major supplier to California businesses, PG&E is committed to helping create and retain jobs in our communities by offering appropriate incentives that will enhance our state's competitiveness and energize its economy," said Chris Johns, President of PG&E. "Our new economic development rate goes hand in hand with other initiatives we have launched to boost economic vitality in the communities we serve."

The newly approved economic development rate targets companies—with power loads of at least 200 kilowatts—that would otherwise locate operations and hire employees out of state. The rate would provide a 12 percent rate reduction for five years for those who avow that they need it to stay, site new operations, or expand existing facilities in California.

To address the more acute challenges faced by cities and counties in PG&E's service area with unemployment rates at least 25 percent higher than the state average, the utility will offer a more significant rate reduction of 30 percent for five years.

PG&E's proposal to support job creation, which was drafted in consultation with several local government leaders, received unprecedented support from a coalition of 31 cities and 10 counties in Northern and Central California.

"I want to commend PG&E and the Commission for addressing the major economic challenges we face and being so responsive to the unique needs of our high unemployment communities," said Fresno Mayor Ashley Swearengin. "This reduced rate is exactly the kind of tool we need to grow businesses and jobs for our residents.  The 40 cities and counties that came together to support this program are extremely grateful for today's action and are proud of the collaboration between our communities, PG&E, and the Commission."

PG&E will file details of its new rate with the California Public Utilities Commission within 30 days and will post information on its website at www.pge.com/mybusiness/energysavingsrebates/economicdevelopment/services/index.shtml. Eligibility will be determined by the Governor's Office of Business and Economic Development.

Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is one of the largest combined natural gas and electric utilities in the United States. Based in San Francisco, with 20,000 employees, the company delivers some of the nation's cleanest energy to 15 million people in Northern and Central California. For more information, visit http://www.pge.com/about/newsroom/ and www.pgecurrents.com.

SOURCE Pacific Gas and Electric Company (PG&E)

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,356.87 +288.00 1.69%
S&P 500 2,012.89 +40.15 2.04%
NASDAQ 4,644.3120 +96.4780 2.12%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs