PG&E; Unit Gets Funds to Finish Power Plant
PG&E; Corp., owner of California’s biggest electric utility, said its National Energy Group unit received $730 million in loans to complete a power plant about 40 miles west of Bakersfield. The natural gas-fired La Paloma plant is the largest under development in deregulated U.S. power markets. It will be able to produce 1,048 megawatts of electricity, enough to light more than 1 million homes, when completed next year. San Francisco-based PG&E;, through National Energy, is seeking new customers to prepare for the loss of its monopoly on electricity sales in Northern California. It plans to build 13 power plants that can generate as many as 10,000 megawatts within three years. PG&E; shares rose 19 cents to close at $21.25 on the New York Stock Exchange.