Pacific Gas & Electric Co.’s 1988 profit...

Pacific Gas & Electric Co.’s 1988 profit plunged 91% from 1987 to $62 million as a result of one-time write-offs, previously announced by the company, due to settlement of the Diablo Canyon nuclear power plant rate case. Revenue rose to $7.6 billion, up 6%. The San Francisco-based utility said that excluding the write-offs, electric and gas sales were up due to marketing efforts and the area’s strong economy.