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.
PG&E Bankruptcy News
News and updates related to PG&E's 2019 Chapter 11 filing
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.
Brockovich is best known for her success fighting the California utility giant in court over water contamination, a battle later depicted in an Academy Award-winning film starring Julia Roberts. But on late Thursday, she voiced support for a plan by PG&E to compensate the victims of wildfires ignited by its power lines — a settlement that could… [Read More]
PG&E previously reached a $1 billion settlement with cities and counties, and an $11 billion agreement with insurance companies. The settlement moves PG&E closer to exiting bankruptcy. The company must get approval for its reorganization plan by June 30, 2020, in order to participate in California’s wildfire fund to help utilities address those costs.
Nancy Mitchell, the lawyer representing the governor, said Gov. Newsom wants assurances that PG&E will come out of bankruptcy financially stable, with cash to invest in new technology and improved safety practices.