Filed at 5:04 p.m. ET
SAN FRANCISCO (Reuters) - California's energy crisis lurched into a new and
potentially dangerous phase on Friday as Pacific Gas & Electric, the state's
largest utility, suddenly and unexpectedly declared bankruptcy.
The bombshell move by the multibillion dollar utility giant came just one
day after Gov. Gray Davis outlined a bailout strategy he said would help the
cash-strapped company back to its feet after months of hemorrhaging cash
thanks to California's botched 1996 power deregulation law.

ETC.

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