PG&E offers $16.9 billion for wildfire claims. Will that get utility out of bankruptcy? (via Sacramento Bee)
PG&E Corp. put $16.9 billion on the table to pay wildfire claims Monday as it offered its formal reorganization plan in U.S. Bankruptcy Court.
San Francisco Offers to Buy PG&E Wires in City (via Wall Street Journal)
A takeover would face opposition from PG&E’s unions. Tom Dalzell, business manager of International Brotherhood of Electrical Workers Local 1245, which represents 17,000 PG&E employees and contractors, said his union would oppose the proposed acquisition by San Francisco, and questioned whether the city had the legal right to make this move without a public vote…. [Read More]
IBEW 1245 opposes San Francisco’s proposed takeover of PG&E electric system (statement by Business Manager Tom Dalzell)
IBEW 1245 Business Manager Tom Dalzell issued the following statement in response to San Francisco’s offer to buy the electric grid in the City from PG&E: “IBEW 1245 opposes the proposed takeover of PG&E electric system by the City and County of San Francisco because it hurts both the residents of San Francisco, as well… [Read More]
San Francisco Offers to Buy PG&E Electric Grid in the City for $2.5 Billion (via KQED)
Another potential barrier is pushback from the union representing PG&E workers, IBEW Local 1245. The city has offered to hire people who worked for PG&E in San Francisco if the deal goes through, which the union said would hurt their pensions.
“Karl the Fog” And a Sausalito Shoo Fly
In the San Francisco Bay Area, everyone knows “Karl the Fog” – the tongue-in-cheek nickname that the locals have given to the unique coastal atmospheric conditions that result in a thick blanket of perennial low-lying cloud cover. Karl the Fog can turn even the sunniest and warmest of summer days into a dark, chilly afternoon… [Read More]
PG&E wildfire payment plan dies in Capitol, for now (via Sacramento Bee)
PG&E had touted AB 235 as the quickest and fairest way to pay billions in claims to victims of the 2017 and 2018 wildfires, which drive the utility into bankruptcy in January. The bill would have had the state issue tax-exempt, low-interest bonds on PG&E’s behalf to pay the claims.
PG&E bankruptcy plan includes $14B equity commitments, no liability estimates (via UtilityDive)
Bankrupt Pacific Gas & Electric is preparing to file a plan of reorganization with a federal bankruptcy court that will include $14 billion in equity commitments, Bloomberg reported Thursday, based on a draft term sheet the news outlet obtained.
Should the City of San Francisco Spend $6 Billion to Take Over PG&E?
Should city government focus on fighting homelessness, reducing traffic gridlock and building more affordable housing – or should politicians spend $6 billion buying PG&E and running our local utility?
PG&E Debt to Fire Victims to Be Set Outside of Bankruptcy Court (via Bloomberg Law)
Two judges will oversee separate court fights that will decide how much the California utility owes wildfire victims, U.S. Bankruptcy Judge Dennis Montali said in court Aug. 27.
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