Business & Finance
Troubled Pacific Gas & Electric hit a snag in its plan to emerge from bankruptcy early next year when a majority of California regulators balked at the proposed $7.1 billion surcharge the utility wishes to impose on ratepayers over nine years. Three of the five members of the California Public Utilities Commission argued late last week that the proposal would be onerous to electricity customers and overly generous to PG&E shareholders. The commission is due to vote on the reorganization plan - as opposed to two alternatives also under consideration - Dec. 18. PG&E filed for bankruptcy protection in 2001 as a result of California's electricity crisis.
General Electric announced the internal merger of two heavy-duty divisions Friday into a new unit to be called GE Transportation. The move combines the company's Erie, Pa., assembly plant for railroad locomotives with its aircraft engine business, based in Evendale, Ohio. The two divisions employ a combined 34,000 people, and a GE spokesman said no immediate change in those ranks is anticipated.
Gartner Inc., a leading technological consultant and adviser to corporate clients, said Friday it will cut 200 jobs, or 5 percent of its global workforce, immediately. The company is based in Stamford, Conn.