CPUC Demands More PG&E Bonus Data

Turning up the heat on Pacific Gas & Electric, the California Public Utilities Commission this week required the utility to submit additional data on hefty bonuses to top executives that were awarded as the ink was drying on the utility?s approved bankruptcy settlement. The probe was prompted by allegations from minority advocacy group the Greenlining Institute that PG&E hid costs for bonuses in its general rate case (see Energy Circuit , Jan. 13, 2004). Though the group withdrew its request for an investigation in part in response to a promise of charitable donations by PG&E, the commission is pursuing the bonus inquiry. In a February 10 filing to the CPUC, PG&E denied that ratepayers had funded the $84.5 million senior executive program through its revenue requirement. The utility defended its practice of bestowing bonuses on executives no longer working for the company. Seeking more data to confirm that ratepayers are not on the hook, administrative law judge Julie Halligan ordered PG&E to turn over, among other things, a list of exact amounts of bonuses paid this January, accounts to which these awards were booked, and a statement that accounts were ?below the line? for ratemaking. This term refers to amounts funded by shareholders.

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CPUC Demands More PG&E Bonus Data

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