PG&E Making $148 Million in Property Tax Payments to California Counties

^{Published on 2011-12-16 11:40:50 - Market Wire}
 

PG&E Making $148 Million in Property Tax Payments to California Counties -- SAN FRANCISCO, Dec. 16, 2011 /PRNewswire/ --

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SAN FRANCISCO, Dec. 16, 2011 /PRNewswire/ -- More than $148 million is on its way to 49 California counties, as Pacific Gas and Electric Company (PG&E) delivers its property tax payments.

The amount, which PG&E is paying this week to the counties in which it operates, represents full, timely payment of property taxes due for the last six months of 2011, from July 1 to December 31.

"Local governments are tackling public safety, environmental protection, health care, and education needs with limited financial resources these days," said Mark Caron, PG&E's vice president of tax. "Our timely and substantial payments to local governments for property taxes and other fees will help communities address those vital services."

The company's total tax payments to counties for the last sixth months of 2011 increased by almost $7.5 million over the same period in 2010. The overall increase is tied to higher assessments as PG&E invests in key infrastructure projects throughout its Northern and Central California service area. PG&E's investments have included building new power-generating stations and upgrading equipment to boost electric reliability.

A full listing of county-by-county payments is shown in the appended table.

Pacific Gas and Electric Company, a subsidiary of [ PG&E Corporation ] (NYSE: [ PCG ]), is one of the largest combined natural gas and electric utilities in the United States. Based in San Francisco, with 20,000 employees, the company delivers some of the nation's cleanest energy to 15 million people in Northern and Central California. For more information, visit [ http://www.pge.com/about/newsroom/ ].

SOURCE Pacific Gas and Electric Company

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