California utility defaults on $25 million payment to state

The Tennessee state government may lose about $25 million from the General Fund, due to a default by a California utility, State Treasurer Steve Adams said Wednesday.

And the state is at risk for an additional $21.7 million due Jan. 29.

Pacific Gas & Electric (PG&E), a large private utility caught up in the West Coast energy crisis, defaulted Tuesday on a $30 million issuance of