FEMA has agreed to reduce its ask to $1 billion and have its claims subordinated to those filed by victims of the wildfires, according to attorneys at the Tuesday hearing. The California Governor’s Office of Emergency Services would also withdraw its its claims of around $2.7 billion — which represents costs incurred by it as well… [Read More]
PG&E Bankruptcy News
News and updates related to PG&E's 2019 Chapter 11 filing
A 3-inch hook purchased for 56 cents around the end of World War I could help determine whether PG&E Corp faces criminal charges for starting the deadliest wildfire in California history.
Concluding PG&E Corp.’s bankruptcy was always going to be an extremely expensive undertaking, but the company has recently provided a clearer sense of just how costly the process will likely become.
Lawyers for Pacific Gas & Electric said the utility can’t commit to hiring hundreds more tree trimmers in the way that a federal judge wants to cut the risk of starting more catastrophic wildfires in California.
IBEW Local 1245 shot back at a political advertisement from Sanders that criticized PG&E for its role in causing deadly wildfires. The union, which represents about half of PG&E’s 23,000 employees, released its own video in response, criticized Sanders’ endorsement of a public takeover, saying it would be prohibitively expensive and misguided.
The San Francisco-based utility, which filed for bankruptcy protection last year due to billions in wildfire-related claims, reported on Tuesday a full-year loss of $7.7 billion, compared with a $6.9 billion loss in 2018.
PG&E Corp.’s biggest union is pushing back against Bernie Sanders’ criticism of the embattled California power company, claiming the senator and presidential candidate supports a $100 billion state takeover of the utility.
Sen. Bernard Sanders brags about his ties to working people, so it was a particularly harsh shot Tuesday when a California union blasted his idea to have the state take over a large power utility and said they were more disappointed he never ran the proposal by the workers.
Calls to wrest Pacific Gas & Electric from investors’ hands have grown louder, amplified by a state bill that would allow cities to carve up PG&E territory into government-run utilities.
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.