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PG&E's Hydro Workout: Can This Deal Be Saved?

For the utility, wresting its assets from PUC control is the real point.
Fortnightly Magazine - February 15 2001

sell the output of its remaining generating assets directly to its retail customers on an "incentive ratemaking basis." As regards its hydroelectric facilities, the utility says "the commission should market value the assets (as it is required by AB 1890 to do), write-up the book value to their market value, and operate the hydro assets subject to a cost of service mechanism [that] provides certainty of recovery for capital improvements and expenses and provides for a reasonable rate of return."

According to PG&E spokesman Jon Tremayne, "If [we] were allowed to continue to operate them we think that would be the best outcome for Californians, because we've got the experience and relationships ... and we are good stewards of the land and water."

Bill Nesbit, a writer with 25 years of experience in the energy industry, is based in Davis, Calif.

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