About $30 million of Pacific Gas & Electric's bank debt traded last week at 69-70, which is about level to previous trades. Buyers and sellers could not be determined by press time. A dealer noted that as California gets a better grasp of the energy crisis, levels on PG&E's credit should start to move up. "They're starting to price and place where they should trade. Things should improve," he said. PG&E, based in San Francisco, Calif., is one of the largest utility holders, serving gas and electric customers in central and northern California. Calls to Peter Darbee, cfo, were not returned by press time.
PG&E's unsecured debt dropped 10 points to the 70s early this year as blackouts hit California. Levels began to pull back up in March, hitting the mid- to high 80s after the state stepped in to buy power (LMW, 3/4).