I am writing today to address the notion that Warren Buffett’s Berkshire Hathaway Energy is planning to purchase PG&E. Last week, rumors began to swirl after one small, local paper ran a story that alluded to the possibility of Buffett being interested in PG&E. As far as I can tell, there is no truth behind that speculation – I have personally spoken with management at both companies, and based on those conversations I do not believe that any such plan is in the works.
But to speak hypothetically for a moment, even if Berkshire were looking at PG&E, a sale would require state regulatory approval. We are fortunate to have very strong relationships with regulatorsand within the state’s executive branch in Sacramento – in fact, our relationships have never been stronger. We have the resources for a fight, both financial and human. Absent extraordinary written commitments from Berkshire we would strongly oppose an acquisition, and should push come to shove, I am confident that we could block it.
PG&E is not perfect, but they are a predictable and reliable partner. Their stability has enabled us to continue to deliver strong contracts for our members. We would look at any possible sale of PG&E with great skepticism, including sale to Berkshire.
We will continue to keep close tabs on this and send along any additional information. If you have any further questions, please don’t hesitate to email me.