In the same week that former Enron finance chief Andrew Fastow pled guilty to two counts of conspiracy for his role in undermining the finances of the company, Pacific Gas & Electric reached a settlement with the former high-flying energy trading company for a slew of debt. If approved by federal bankruptcy court, the deal would reduce Enron?s $1 billion-plus in claims against PG&E to $345 million. That amount could be adjusted downward to $284 million or less?or about 28 cents on the dollar. In return, PG&E?s claims of $73 million against Enron would be forgiven. Enron?s claims against PG&E include:<ul><li>$437 million for direct-access cost responsibility surcharges<\/li> <li>$239 million for direct-access credits for which Enron acted as an energy service provider, plus another account totaling $164 million for similar direct-access credits<\/li> <li>$46 million for gas agreements<\/li> <li>$74 million for swap agreements<\/li> <li>$30 million for electricity or ancillary services through the California Power Exchange and\/or California Independent System Operator<\/li> <li>$34 million for CAISO underscheduling penalties<\/li><\/ul>These and more include a $524 million Enron claim against PG&E that would go for $315 million, and another $511 million discounted to $30 million under the settlement. While the numbers and accounts are detailed, there is no justification for the trade-off in the court documents. PG&E?s claims against Enron have fewer price tags involved but include potential refunds through the Federal Energy Regulatory Commission, gas agreements, and transmission and distribution charges when Enron acted as an electricity service provider. A hearing on the settlement is scheduled for February 9.