Facing intense criticism over the 2017 and 2018 wildfires, PG&E on Wednesday offered to create a $105 million fund to help fire survivors with living expenses. The proposal requires approval in U.S. Bankruptcy Court.
PG&E Bankruptcy News
News and updates related to PG&E's 2019 Chapter 11 filing
A well-built catastrophic wildfire fund can both protect citizens and save utilities.
PG&E Corp. reached a deal to replace one of its board members with a director proposed by an activist investor, while also naming a former federal safety official as an adviser to help guide the bankrupt utility’s restructuring.
Pacific Gas & Electric on Monday requested that California regulators raise its return on equity from 10.25% to 16%, adjustments the utility says are necessary to attract capital for safety and reliability investments amid growing wildfire risks.
Any takeover attempt would face pushback from PG&E’s union workers, who “firmly and without hesitation oppose any efforts to municipalize any part of PG&E’s service territory, including San Francisco,” said Tom Dalzell, business manager for the local unit that represents 12,000 employees. Such public control could jeopardize jobs and pensions, the union said.
In response to the report entitled “Wildfires and Climate Change: California’s Energy Future,” released by Gov. Newsom’s strike team today, IBEW 1245 Business Manager Tom Dalzell issued the following statement: “IBEW Local 1245 has participated in give-and-take discussions with the Governor’s staff over the last several months leading up to the formulation of the strike… [Read More]
The strike force report sets out steps the state must take to reduce the incidence and severity of wildfires, including the significant wildfire mitigation and resiliency efforts the Governor has already proposed. It renews the state’s commitment to clean energy. It outlines actions to hold the state’s utilities accountable, as well as recommended changes to… [Read More]
Officials were struggling Wednesday to find ways for homeowners to afford insurance in fire-prone areas of California and for utilities to survive liability from devastating wildfires that threaten to worsen with climate change.
BlueMountain Capital Management is in discussions about potentially replacing some of the three incumbent directors on the 13-member board, said the people, who asked not to be identified because the talks weren’t public. The investment firm, which owns a 2.5 percent stake in the company, had nominated its own directors who were passed over in favor… [Read More]
California utility regulators are asking state lawmakers for $28 million to pay for help they want to use in the Pacific Gas and Electric Co. bankruptcy case.