CPUC rule changes boose PG&E Profits

Shareholers is Pacific Gas and Electric are now reaping the benefits of a late Christmas present from the California Public Utilities Commission:

The company recorded $372 million in profit (88 cents per share) for its second quarter, which ended June 30. In the second quarter of 2003, the company made $227 million (55 cents).

About 30 cents of the increase came as the result of a May ruling from the California Public Utilities Commission, which gave Pacific Gas and Electric more money for distributing electricity and natural gas, as well as increasing revenue from electricity generation.

Of course, the money will get passed along to the company's bottom line--not to ratepayers.