“While this acquisition would have offered many efficiencies in utility distribution for customers in both Nevada and Oregon, completing it was becoming increasingly difficult in the current market and political environment in the west,” said Walt Higgins, chairman and CEO of Sierra Pacific Resources. “Terminating this agreement now minimizes further costs to our shareholders as we continue to focus our attention on customers in Nevada and the Lake Tahoe region of California.”
SAN FRANCISCO, Calif., April 25, 2001 – Pacific Gas and Electric Company filed a motion with the U.S. Bankruptcy Court today asking the court to authorize it to pay past due amounts for low-cost hydroelectric power purchased under contracts with several California irrigation districts and water agencies.
