The utility’s bondholders told Newsom late Friday they’ll meet his demands for overhauling the troubled utility — demands that PG&E itself, struggling to exit bankruptcy, haven’t met so far. In a 17-page letter to Newsom, the bondholders promised to create a “resilient, reliable and reimagined PG&E.”
PG&E Bankruptcy News
News and updates related to PG&E's 2019 Chapter 11 filing
While PG&E may be the first climate bankruptcy, it will likely not be the last, according to a report by Columbia University’s Center on Global Energy Policy. “Wildfires alone could become up to 900 percent more destructive in certain regions by midcentury, and utility assets will also be increasingly exposed to threats stemming from hurricanes,… [Read More]
The bankrupt California utility seeks the biggest U.S. microgrid portfolio ever, to be built in record time — a potential inflection point for the market.
Pacific Gas & Electric Co. and other California utilities can’t raise their profit margins even as they face billions of dollars in wildfire liabilities, the California Public Utilities Commission ruled Thursday.
Newsom wants the power company to include a provision in its reorganization proposal that would allow the state to take control of its assets if it fails to meet performance and safety metrics. Negotiating such a clause has become one of the biggest challenges in talks between the company and the governor’s office, people familiar… [Read More]
State regulators proposed a $1.675 billion settlement Tuesday with PG&E Corp. over the disastrous 2017 and 2018 wildfires. The California Public Utilities Commission staff proposed the deal as part of a settlement agreement with the troubled utility. While not technically a fine, the deal says PG&E’s shareholders will eat $1..625 billion in “wildfire-related costs” and… [Read More]
PG&E Corp.’s path out of bankruptcy has become much more complicated in recent days, and it’s not clear how the constantly challenged San Francisco company might overcome the new hurdles it faces.
Gov. Gavin Newsom has rejected PG&E Corp.’s plan to exit bankruptcy using a recent $13.5 billion deal with wildfire victims, dealing a major blow to the company’s efforts to control the outcome of the high-stakes case.
PG&E Corp said late on Thursday that it has filed for an amended reorganization plan, adding that it remains on track to getting the plan confirmed before a June 2020 deadline to exit bankruptcy.
The hedge-fund manager is digging in after fire victims who had been allies switched to supporting PG&E.