The utility is working on upgrading its infrastructure and has so far completed work on 188 miles of power lines, according to Johnson’s testimony to two subcommittees of the House Committee on Energy and Commerce — slightly less than 3% of the 7,100 miles that have been identified for system hardening.
PG&E Bankruptcy News
News and updates related to PG&E's 2019 Chapter 11 filing
We are now free to report and discuss the terms of the four-year contract extension that we negotiated with PG&E as part of the bankruptcy plan of reorganization. We already have a ratified two-year extension in place for 2020 and 2021, so this new four-year agreement will take us through 2025. We believe that this… [Read More]
The irate governor renewed his warnings that the state might take over the company if his demands for a “transformed utility” aren’t satisfied.
U.S. District Judge William Alsup late Thursday told PG&E to explain why it’s still struggling to remove hazardous trees and limbs that could brush up against power lines and spark new fires. Alsup, in a written decision, said he might order PG&E to hire “sufficient crews and equipment to inspect and to trim and remove… [Read More]
After negotiations with the company, IBEW 1245 and PG&E have reached a deal that we believe will provide much-needed stability for our members through 2025. This four-year agreement that follows our two-year contract extension contains notable improvements to wages with no concessions. The end result is that our members will be coming out of the… [Read More]
PG&E Corp. is nearing a deal with a group of bondholders led by Pacific Investment Management Co. and Elliott Management Corp. that would entitle them to a mix of equity and new debt if they scrap their rival restructuring plan, people familiar with the matter said.
The Federal Emergency Management Agency wants reimbursement from PG&E to cover costs from the government’s response to fires in 2015, 2017 and 2018. Under PG&E’s current plan to resolve its bankruptcy, any payment to FEMA would have to come from the $13.5 billion the company intends to reserve primarily to settle claims from fire victims.
The record $1.675 billion penalty PG&E Corp. has agreed to pay for the deadly 2017 and 2018 wildfires could generate a big tax deduction for the beleaguered California utility. A hearing officer at the California Public Utilities Commission has told PG&E to spell out how much of the penalty it believes it can deduct from its federal… [Read More]
Knighthead seized on a distressed-asset opportunity of a different kind with its PG&E play. The fund made a big bet on the comeback of PG&E following the biggest utility bankruptcy in American history. Whether that wager pays off is now mostly in the hands of California’s Democratic governor, but if Wagner and Co. are able to… [Read More]
Judge Dennis Montali of the U.S. Bankruptcy Court in San Francisco on Tuesday ruled that the bondholders are owed the federal rate of 2.59%, a decision expected to reduce the company’s interest burden by about $550 million when it exits bankruptcy.