9. Pacific Gas and Electric Co; $29.77 billion
Pacific Gas and Electric incorporated on October 10, 1905, was a consolidation of more than two dozen power and water concerns around the State of California.
PG&E began delivering natural gas to San Francisco and northern California in 1930 through the longest pipeline in the world, connecting the Texas gas fields to northern California.
With the introduction of natural gas, the company began retiring its polluting gas manufacturing facilities, though it kept some plants on standby.
With little generating capacity of its own, and unable to sell electricity to consumers for more than it could buy it on the open market, PG&E was forced to enter Chapter 11 bankruptcy on April 6, 2001.
The State of California bailed out the utility, the cost of which worsened an already bad state budget situation.
PG&E emerged from bankruptcy in April 2004, after distributing $10.2 billion to hundreds of creditors. Today it provides natural gas and electricity to most of Northern California. Its 4.8 million electricity customers are expected to pay an average $1,300 to $1,700 each in above-market prices through 2012.
PG&E was one of the most profitable companies on the Fortune 500 list for 2005 with $4.5 billion in profits out of $11 billion in revenue.
Image: Headquarters of Pacific Gas and Electric Co
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