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PGamp;;E Pays $293 Million To California Cities And Counties

^{Published on 2013-04-15 12:45:27 - Market Wire}
 

PG&E Pays $293 Million To California Cities And Counties -- SAN FRANCISCO, April 15, 2013 /PRNewswire/ --

SAN FRANCISCO, April 15, 2013 /PRNewswire/ -- Pacific Gas and Electric Company (PG&E) announced today that it has paid property taxes and franchise fees of more than $293 million to the 49 counties and 243 cities in which it operates.

"Local governments are working hard to provide public safety, health care and education with limited financial resources," said Kent Harvey , PG&E's senior vice president and chief financial officer. "Our timely and substantial payments for property taxes and franchise fees will help communities afford those vital services. Our ongoing investments in infrastructure are not only benefitting customers but also communities as a result of the increased tax payments associated with these investments."

PG&E pays franchise fees to cities and counties for the right to use public streets for its gas and electric facilities. Payments to counties were completed by March 31 and payments to most cities will be made on April 15.

PG&E's 2012 franchise fee payments totaled more than $136 million -- nearly $37 million for natural gas and more than $99 million for electric service. This sum is about $2 million less than the previous year's payments, due to lower natural gas prices, which also helped reduce gas bills for customers.

PG&E's property tax payments of $157 million cover the period from January 1 to June 30, 2013 and were made on April 10. Total payments for the tax year of July 1, 2012 to June 30, 2013 were $314 million.

The company's property tax payments to counties for tax year 2012/13 increased by $18 million over the previous year's payments as a result of an increase in tax rates and an increase in assessments reflecting PG&E's infrastructure investments.

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/ ] and [ www.pgecurrents.com ].

SOURCE Pacific Gas and Electric Company (PG&E)