In the past, it was not at all unusual for the appointed commissioners to over-rule or seriously rewrite ALJ decisions. However, in this case, simultaneous to release of the draft order was an alternate version from the President of the CPUC Richard Bilas, who upped the electric figure slightly to $265 million. That's about as much upside as you can expect.
After PG&E is turned down on appeal, expect this one to go to court.
PS, PG&E is willing to buy back as much as $500 million in outstanding stock to prevent the floor from slipping out beneath the price.
As for unregulated subsidiaries...losses on the retail services side were expected for five years and are in fact decreasing according to plan. PG&E Energy Services says it is slated for profitability in 2000, if you can wait that long. Wholesale trading results cannot be predicted.