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California's second largest utility is seeking big rate increases for both electricity and gas on the eve of the deregulation of the state's electricity market. Pacific Gas & Electric Company (PG&E) on September 15 asked for increases that would hike customers' gas bills by as much as 25% and electricity bills by about 10%. The electricity increase, if approved by state regulators, would essentially cancel the 10% rate cut that the state legislature has mandated for small businesses and homes starting next year when deregulation takes effect. PG&E will remain a regulated distribution monopoly in its service area while most competition will be in the supply of electricity and gas.