Pacific Gas and Electric became the largest power utility in U.S. history to file for federal bankruptcy protection, betting Friday it will fare better with a judge than with California politicians struggling to alleviate the state's energy crisis.
PG&E's move in itself won't turn out the lights of the 13 million Californians it serves, but could increase the political and financial turmoil on Wall Street and across the West for years to come.
In seeking Chapter 11 protection from its creditors, PG&E said efforts by Gov. Gray Davis and other state officials to ease the crisis had gone nowhere.
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