The Bankruptcy Court has jurisdiction over the plan of reorganization and over the parties to enforce the settlement agreement, settlement plan and the Court's own confirmation order, as well as jurisdiction over the implementation of the bankruptcy plan.
Entering into the Modified Settlement Agreement (MSA) is fully consistent with the Commission's exercise of its ratemaking authority, because we find that the regulatory asset provision is reasonable and a necessary part of the settlement, and we will still decide the overall retail electric rates for PG&E's customers in pending and future proceedings.
It Is Ordered:
1. The Proposed Settlement Agreement offered by PG&E and the Commission staff is modified by deleting Paragraph 6 ("Dividend Payments and Stock Repurchases modifying paragraph 2(g) to add a mutual commitment of PG&E, omitting any reference to payment by ratepayers directly or indirectly of bankruptcy-related costs for PG&E or Corp, deleting the phrase "notwithstanding any contrary state law" in Paragraphs 21 and 32, adding $30 million of environmental benefits for PG&E's urban ratepayers, and adding $15 million to assure adequate planning and funding of clean energy technology. 2. The Proposed Settlement Agreement is also modified, as discussed herein, by reducing the amortization period of the regulatory asset from nine years to five years. 3. PG&E shall file an Advice Letter to propose to provide ratepayers with the present value of $96 million of shareholder-owned gas hedging contract costs. 4. PG&E shall file an Advice Letter to state actual cash on hand as compared to forecasted cash on hand in the PSA, and propose to adjust rates to reflect actual cash on hand. The cash on hand shall not include any reimbursement from PG&E to PG&E Corporation for PG&E Corporation's bankruptcy -related consulting and litigation fees or costs. 5. The Modified Settlement Agreement (the "Settlement Agreement" in Appendix C) is approved and adopted by the Commission. 6. The rulings of the Presiding Administrative Law Judge are affirmed. 7. The Land Conservation Commitment Stipulation in Exhibit 181 is approved and adopted, as modified herein.
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