Three US energy companies completed major debt refinancingsin March – includingone of the biggest yet seen in the sector, from California-based Pacific Gas & ElectricCompany (PG&E). Another Californian power company – Calpine – andMaryland-based Allegheny Energy have also done big bond deals.

The Calpine and PG&E transactions support the view of some analysts thatCalifornian utilities may be emerging from the aftermath of the state’s2000/2001 power crisis.

Bankrupt utility PG&E, a subsidiary of