Pacific Gas & Electric attributed slightly lower...

Pacific Gas & Electric attributed slightly lower second-quarter earnings to the establishment of a $40.3-million reserve set up in anticipation of a California Public Utilities Commission action lowering the company’s authorized rate of return on common equity for 1986 because of declining interest rates. The charge against second-quarter earnings was partially offset by $14 million in increased revenue coming from better-than-expected fuel savings at its Diablo Canyon nuclear power plant’s Unit 1, the San Francisco-based utility said.