Final certification isn’t until May 22. But preliminary voting results show a strong majority in favor of PG&E Corp’s (PCG) restructuring plan, allowing the California utility to exit the bankruptcy it entered in January 2019. The “in favor” column apparently includes victims of the 2018 Camp Fire. Under the state’s doctrine of “inverse condemnation,” PG&E is insurer… [Read More]
PG&E Bankruptcy News
News and updates related to PG&E's 2019 Chapter 11 filing
California wildfire victims approve $13.5 billion payout by ‘overwhelming’ margin, PG&E says (via Sacramento Bee)
PG&E Corp. said Monday it believes thousands of Northern California wildfire victims have approved the utility’s $13.5 billion payout plan, clearing the way for PG&E to emerge from bankruptcy. In a prepared statement, the company said that, based on preliminary results, the plan has won “overwhelming acceptance” from the approximately 70,000 victims who were eligible to vote…. [Read More]
PG&E bankruptcy judge weighs concerns about fire victims’ lawyer (via SF Chronicle)
A 2017 wildfire survivor sought to persuade PG&E Corp.’s bankruptcy judge on Tuesday to make a key attorney in the case provide a better disclosure about his ties to Wall Street financiers. San Antonio lawyer Mikal Watts, who represents thousands of fire victims, has admitted that two financial firms connected to the PG&E bankruptcy also had… [Read More]
Regulators waive $200 million fine PG&E was supposed to pay for causing deadly NorCal wildfires (via KTLA)
California regulators on Thursday suspended a $200 million fine against Pacific Gas & Electric as punishment for the utility’s neglect of electrical equipment that ignited a series of deadly wildfires in Northern California. The waiver approved in a unanimous vote by California’s Public Utilities Commission will deprive the state coffers of money to help offset… [Read More]
PG&E hit with record-setting $1.9 billion penalty over fatal wildfires (via Mercury News)
PG&E was slapped with a nearly $2 billion penalty on Thursday for its role in causing several fatal Northern California infernos in 2017 and 2018, the largest financial punishment ever imposed on an American utility. The state Public Utilities Commission voted unanimously to impose a $1.97 billion penalty on the utility, exceeding the $1.6 billion… [Read More]
Concerns Over PG&E Bankruptcy Plan Supplement and Grievances
PG&E filed a plan supplement that includes their schedules of assumed and rejected contracts. They confirm in the body of the contract assumption notice that they are assuming all collective bargaining agreements (CBAs). They then list out a number of agreements with the IBEW. Our concern is that they do not include any amount for… [Read More]
PG&E Probation Modification Order from U.S. District Judge Alsup
PG&E foresees $600M or greater loss for Kincade Fire, files to securitize $7.5B in fire costs (via UtilityDive)
Pacific Gas & Electric (PG&E) could face a loss of more than $600 million related to the Kincade Fire, which occurred in Northern California’s Sonoma region after the utility had filed for Chapter 11 bankruptcy, it announced in its quarterly filing with the U.S. Securities and Exchange Commission Friday. The utility also filed an application with the California… [Read More]
Wall Street Ties of Lawyer for PG&E Fire Victims Have Some Survivors Querying Settlement Vote (via KQED)
A potential conflict of interest on the part of a lawyer representing PG&E fire victims is prompting questions about the integrity of an ongoing vote by fire survivors on their multi-billion-dollar compensation deal with the utility. The concerns stem from revelations into how Texas-based lawyer Mikal Watts, who represents more PG&E fire victims than any… [Read More]
SB 901 Rate-Neutral Securitization Fact Sheets (Filed by PG&E with the California Public Utilities Commission)
Fact Sheet – Overview of SB 901 Rate-Neutral Securitization Fact Sheet – Customer Harm Threshold Methodology for SB 901 Rate-Neutral Securitization Fact Sheet – Wildfire Cost Allocation for SB 901 Rate-Neutral Securitization
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