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PGamp;;E Making $157 Million In Property Tax Payments To 49 California Counties

^{Published on 2012-12-11 11:00:42 - Market Wire}
 

PG&E Making $157 Million In Property Tax Payments To 49 California Counties -- SAN FRANCISCO, Dec. 11, 2012 /PRNewswire/ --

SAN FRANCISCO, Dec. 11, 2012 /PRNewswire/ -- Pacific Gas and Electric Company (PG&E) announced today it is making property tax payments totaling over $157 million to the 49 counties in which it operates.

This amount, being paid this week, is the first of two annual installments and represents full and timely payment of property taxes due for the period from July 1, 2012 to Dec. 31, 2012.

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

The company's tax payments to counties for tax year 2012/13 increased by more than $18 million over the previous property tax year's payments as a result of an increase in assessments due to PG&E's infrastructure investments. This includes upgrades to improve electric and gassafety, reliability and capacity,as well as energy-generating-station development.

A full listing of county-by-county payments is included below:

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 (PG&E)