The San Francisco energy company said Thursday that it recorded an additional $2.5 billion pretax charge that reflects a bankruptcy settlement it reached with insurance companies over the 2017 Wine Country fires and 2018 Camp Fire.
Critics say the commission hasn’t been aggressive enough about cracking down on PG&E’s safety flaws.
California’s governor called the chief executive of a troubled utility to his office on Tuesday for a closed-door meeting as the company struggles to emerge from a high-profile bankruptcy while facing criticism for its practice of shutting off power for millions of people to prevent wildfires.
Leaders of more than a dozen cities, including Oakland and Sacramento, back proposal to make the utility customer-owned.
It’s the workers on the front lines who have been on the receiving end of intense customer anger over the darkness, the flames and the harrowing uncertainty of when life in California might ever get back to normal.
“All options are on the table,” according to the governor, should PG&E fail to develop a reorganization plan by a June 30 statutory deadline. That could include a state-led restructuring of the utility.
Wildfires are tearing across California again, and that has made Wall Street anxious about investing in the state’s electric utilities. But investors seem to be discounting the doomsday scenario for PG&E.
Amid reports of Pacific Gas and Electric Company workers being threatened and run off the road, Gov. Gavin Newsom urged Californians to save their outrage for the utility’s corporate owners and treat workers on the ground with respect.
This week, IBEW 1245 debuted a new newspaper ad (pictured above) as part of our ongoing public information campaign to help customers understand and value the work that our members do each and every day. The text of the ad reads: There are people who talk about dangerous weather… and there are people who do something… [Read More]
A wildfire raging in California threatens to destroy more than homes and businesses – it could also undermine bankrupt PG&E Corp’s (PCG.N) plan to raise $14 billion to finance the crisis-stricken utility’s turnaround plan.