California's three largest investor-owned utilities have asked the California Public Utilities Commission to approve securitization of up to $7.3 billion of stranded costs.

The utilities would issue 10-year bonds through the state infrastructure bank starting by the end of 1997. The "rate reduction bonds" would be repaid through a stranded cost charge levied on present ratepayers. The amounts applied for are: $3.5 billion by Pacific Gas & Electric; $800 million by San Diego Gas & Electric Co.; and $3 billion by Southern California Edison Co.

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