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To: H James Morris who wrote (123133)	4/6/2001 12:56:50 PM
From: Robert Rose	Read Replies (2) \| Respond to of 164684

Friday April 6, 12:40 pm Eastern Time Pacific Gas & Electric Seeks Bankruptcy NEW YORK (Reuters) - Pacific Gas & Electric Co., which is California's largest investor-owned utility and has been struggling with that state's power crisis, said on Friday it filed a voluntary petition for bankruptcy protection with the U.S. Bankruptcy Court for the Northern District of California. Trading was halted in PG&E shares on the New York Stock Exchange before the filing. They last traded at $11.36, down 2 cents. The Chapter 11 filing was disclosed in mirror filings by the utility and its parent, San Francisco-based PG&E Corp. (NYSE:PCG - news), with the Securities and Exchange Commission. The utility said in the filing that it ``retains control of its assets and is authorized to operate its business as a debtor in possession while being subject to the jurisdiction of the Bankruptcy Court.'' A 1996 state utility law deregulated wholesale prices but capped retail prices. Pacific G&E has said it accumulated more than $8.9 billion of back debts because a rate freeze prevents it from passing on its soaring wholesale power costs to consumers.