PG&E prepared to spend $35 million on June ballot measure
The state's largest invester-owned utility is prepared to spend up to $35 million to pass a little-publicized measure on the June ballot.
In a statement to shareholders, first reported by Capitol Weekly, Pacific Gas & Electric Co. noted that they were prepared to spend between 6 and 9 cents per share on Proposition 16. That translates to $25 million to $35 million.
"This one-time item reflects activities outside of PG&E's regular utility operations and is expected to impact total GAAP earnings between $0.06 and $0.09 per share for the year," the company’s corporate arm said in a Feb. 19 statement on its Web site aimed at investors and shareholders.
Proposition 16 would make it harder for local entities to form municipal utility districts -- and harder for current customers to leave PG&E. Current law states that voters of a district may do so by simple majority vote. Proposition 16 would raise the threshold to two-thirds.
You can read information about the initiative, including fiscal analysis and arguments for and against the measure, on the Secretary of State's Web site.
-- Anthony York