California’s utilities filed wildfire mitigation plans with the state Public Utilities Commission (CPUC) on Friday, outlining strategies to reduce the risk of wildfire in their service territories that are forecast to require billions of dollars in investments.
PG&E Bankruptcy News
News and updates related to PG&E's 2019 Chapter 11 filing
PG&E CEO: System hardening will be completed ‘long after I retire’ (via UtilityDive)
The utility is working on upgrading its infrastructure and has so far completed work on 188 miles of power lines, according to Johnson’s testimony to two subcommittees of the House Committee on Energy and Commerce — slightly less than 3% of the 7,100 miles that have been identified for system hardening.
Details of the New Four-Year Agreement at PG&E
We are now free to report and discuss the terms of the four-year contract extension that we negotiated with PG&E as part of the bankruptcy plan of reorganization. We already have a ratified two-year extension in place for 2020 and 2021, so this new four-year agreement will take us through 2025. We believe that this… [Read More]
PG&E makes breakthrough bankruptcy deal, but Gov. Newsom slams California utility again (via Sacramento Bee)
The irate governor renewed his warnings that the state might take over the company if his demands for a “transformed utility” aren’t satisfied.
Judge threatens to order PG&E to hire more tree trimmers for California wildfire safety (via Sacramento Bee)
U.S. District Judge William Alsup late Thursday told PG&E to explain why it’s still struggling to remove hazardous trees and limbs that could brush up against power lines and spark new fires. Alsup, in a written decision, said he might order PG&E to hire “sufficient crews and equipment to inspect and to trim and remove… [Read More]
New Agreement at PG&E Provides Stability, Wage Improvements, No Concessions
After negotiations with the company, IBEW 1245 and PG&E have reached a deal that we believe will provide much-needed stability for our members through 2025. This four-year agreement that follows our two-year contract extension contains notable improvements to wages with no concessions. The end result is that our members will be coming out of the… [Read More]
PG&E Nearing Deal With Pimco, Elliott on Restructuring Plan (via Bloomberg)
PG&E Corp. is nearing a deal with a group of bondholders led by Pacific Investment Management Co. and Elliott Management Corp. that would entitle them to a mix of equity and new debt if they scrap their rival restructuring plan, people familiar with the matter said.
FEMA says it may bill fire victims if it can’t get $4 billion from PG&E (via SF Chronicle)
The Federal Emergency Management Agency wants reimbursement from PG&E to cover costs from the government’s response to fires in 2015, 2017 and 2018. Under PG&E’s current plan to resolve its bankruptcy, any payment to FEMA would have to come from the $13.5 billion the company intends to reserve primarily to settle claims from fire victims.
PG&E’s big penalty for California wildfires could create tax write-off (via Sacramento Bee)
The record $1.675 billion penalty PG&E Corp. has agreed to pay for the deadly 2017 and 2018 wildfires could generate a big tax deduction for the beleaguered California utility. A hearing officer at the California Public Utilities Commission has told PG&E to spell out how much of the penalty it believes it can deduct from its federal… [Read More]
How One Hedge Fund Is Banking on a Big Comeback for PG&E (via InsideSources)
Knighthead seized on a distressed-asset opportunity of a different kind with its PG&E play. The fund made a big bet on the comeback of PG&E following the biggest utility bankruptcy in American history. Whether that wager pays off is now mostly in the hands of California’s Democratic governor, but if Wagner and Co. are able to… [Read More]
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