PG& E Unit Reaches Deal to Raise Rate Cuts

PG&E; Corp.’s Pacific Gas & Electric Co. said it had reached an agreement with consumer groups to increase customer rate reductions in 2004 to a total of $800 million.

Residential rates would drop 4.1% under the agreement, the San Francisco-based company said. The rate reductions require the approval of the California Public Utilities Commission.

Shares of the utility’s parent firm fell 30 cents to $27.09 on the New York Stock Exchange.