DEREGULATION MAY BE A threat on the home front, but PG&E figures that it can be a business opportunity out of state. The San Francisco parent of Pacific Gas & Electric, which is pushing to sell its services outside California in order to counter impending electricity deregulation there, is also signing agreements to sell its expertise throughout the U.S. Its biggest coup so far came on Mar. 10, when PG&E signed a $2 billion deal to provide power to Ultramar Diamond Shamrock's seven refineries, its pipelines, and its network of 2,400 combination gas station-convenience stores. In addition, PG&E will build a 750-megawatt cogeneration plant to provide steam and electricity for Ultramar's Three Rivers (Tex.) refinery.

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