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PCG » Topics » PX Block-Forward Contracts

These excerpts taken from the PCG 8-K filed Oct 28, 2005.

PX Block-Forward Contracts

 

The Utility had PX block-forward contracts, which were seized by California’s then-Governor Gray Davis in February 2001 for the benefit of the state, acting under California’s Emergency Services Act.  The block-forward contracts had an estimated unrealized gain of up to $243 million at the time the state of California seized them.  The Utility, the PX, and some of the PX market participants have filed claims in state court against the state of California to recover the value of the seized contracts; the state of California disputes the plaintiffs’ rights to recover and valuations.  The estimated value of the seized contracts has been fully reserved in the Utility’s financial statements.  This state court litigation is pending.

 

PX Block-Forward Contracts

 

The Utility had PX block-forward contracts, which were seized by California’s then-Governor Gray Davis in February 2001 for the benefit of the state, acting under California’s Emergency Services Act. The block-forward contracts had an estimated unrealized gain of up to $243 million at the time the state of California seized them. The Utility, the PX, and some of the PX market participants have filed claims in state court against the state of California to recover the value of the seized contracts; the state of California disputes the plaintiffs’ rights to recover and valuations. The estimated value of the seized contracts has been fully reserved in the Utility’s financial statements. This state court litigation is pending.

 

This excerpt taken from the PCG 10-K filed Feb 18, 2005.

PX Block-Forward Contracts

        The Utility had PX block-forward contracts, which were seized by California's then-Governor Gray Davis in February 2001 for the benefit of the state, acting under California's Emergency Services Act. The block-forward contracts had an estimated unrealized gain of up to $243 million at the time the state of California seized them. The Utility, the PX, and some of the PX market participants have filed claims in state court against the state of California to recover the value of the seized contracts; the state of California disputes the plaintiffs' rights to recover and valuations. The estimated value of the seized contracts has been fully reserved in the Utility's financial statements. This state court litigation is pending.

EXCERPTS ON THIS PAGE:

8-K (2 sections)
Oct 28, 2005
10-K
Feb 18, 2005

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