PG&E Bankruptcy News

“These sustained PSPS events cannot be the new normal for California. The frequency and scope of the PSPS events of 2019 impacted communities and in a profound way,” CPUC President Marybel Batjer said.

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.

“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.

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.

The one-time rebate will only apply to the roughly 738,000 customers who lost power in the Oct. 9 shutoffs. There are no current plans for similar rebates for the three shutoffs that have followed since then, said PG&E spokesperson Tamar Sarkissian, but the utility is “open to having a policy discussion with state regulators and… [Read More]

PG&E shares spiked more than 30% Tuesday on news that U.S. Bankruptcy Judge Dennis Montali had appointed a mediator to parse competing bankruptcy reorganization plans.