The biggest-spending utility company in the U.S. is California's Pacific Gas & Electric Co. Reason: it has to expand furiously to keep up with the gas and electricity needs of the fastest-growing state. Last week, in his annual report, P. G. & E.'s President James Byers Black told how fast the company has grown. Since the end of World War II, P. G. & E. has spent a phenomenal $385,000 a day on expansion. Last month, it spent its billionth postwar dollar—and is still far from finished. It will go on spending at the rate of $385,000 a day until...
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