The MSA Will Allow PG&E to Emerge Promptly From Bankruptcy Sample Clauses

The MSA Will Allow PG&E to Emerge Promptly From Bankruptcy. The MSA14 is fair, just and reasonable and in the public interest. First, it adopts the regulatory asset and the cash allowances of the PSA, and therefore will pay creditors in full, and improve PG&E’s credit metrics. Second, the MSA calls for the amortization of the regulatory asset “mortgage style” over nine years.15 Third, it offers the state significant environmental benefits.16 Fourth, it provides for reduction of the regulatory asset on account of any refunds obtained from energy suppliers. Finally, it contains PG&E’s commitment not to unilaterally attempt to disaggregate for the life of the plan.17 There are provisions in both the PSA and the MSA that enhance PG&E’s fiscal soundness. These elements are: the ratemaking treatment associated with the regulatory asset;18 the assurances of recovery of headroom within a certain range19 in 2003;20 acknowledgement by the Commission that the URG rate base established by D.00-00-000 shall be deemed just and reasonable and not subject to modification;21 imputation of a capital structure to PG&E;22 and a Commission commitment not to discriminate against PG&E as compared with other utilities.23 Further elements of both the PSA and the MSA enhancing the attractiveness of the Settlement Plan to rating agencies are the assured recovery of the full amount that PG&E sought in the ATCP,24 and the dismissal with prejudice of PG&E Corporation (PG&E’s parent) from the Commission’s Holding Company OII as to past practices.25 With those financial and regulatory benefits in place we are confident PG&E will be able to emerge from bankruptcy and continue to provide safe, reliable service.
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