Sacramento Business Journal - June 15, 2004
June 15, 2004
PG&E seeks business rate cuts to spur economic growth
Pacific Gas and Electric Co. wants to help California lure and retain large commercial and industrial enterprises.
PG&E said it has asked the California Public Utilities Commission to OK enhancements to the utility's Economic Development Incentive Rate, which aims to attract and keep in state big businesses that have an opportunity to move outside California.
Participating customers inside PG&E's mammoth service area would receive a 25 percent cut on electricity bills in the first year. The reduction then would decline by 5 percentage points annually.
PG&E said its Experimental Economic Development Rate, in existence since 1990, is "much narrower in scope." It provides smaller incentives and is available only to lure certain kinds of large businesses to certain state-designated areas.
"The incentive will help all PG&E-served communities compete more effectively for business and help California restore its business climate," said Beverly Alexander, PG&E vice president of customer satisfaction.
Allan Zaremberg, president of the California Chamber of Commerce, said PG&E "is helping to keep California's economy on the road to recovery."
The PUC will review PG&E's proposal, and the utility said the new rate could be available within six months or a year.
© 2004 American City Business Journals Inc.
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