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PG&E & Insurance Firms Make $11B Deal

16 Sep

Pacific Gas & Electric reached a tentative $11 billion settlement with dozens of insurance companies Sept. 13. The agreement filed in the U.S. Bankruptcy Court of Northern California is with the Ad Hoc Subrogation Group, which represents insurance firms and their claims for damage caused by wildfires sparked by PG&E equipment. It covers nearly half […]

The Buzz

13 Sep

The California Public Utilities Commission votes to increase PG&E’s gas transmission and storage revenue this year to $1.3 billion, with even bigger raises the next couple of years. State energy regulators direct $100 million in unspent clean energy incentives to low-income ratepayers and critical services providers for energy storage installations in areas with high wildfire […]

PG&E Pitches $18B Reorganization Scheme

11 Sep

In order to exit bankruptcy court, Pacific Gas & Electric Sept. 9 proposed a $17.9 billion reorganization plan, which would limit wildfire claim payouts. The reorganization plan includes up to $8.4 billion for wildfire victims. Another $8.5 billion is included for insurance company claims. There’s also $1 billion for claims from cities and other public […]

SF Offers PG&E $2.5B for City Utility Assets

10 Sep

Prior to Pacific Gas & Electric filing its $18 billion reorganization proposal to exit bankruptcy, the San Francisco Public Utilities Commission offered the utility $2.5 billion to take over its electric power system in the city. The offer includes folding in local PG&E utility employees who decide to work for any expanded San Francisco power […]

Bill to Boost PG&E’$ Prospects a Lead Balloon?

29 Aug

A recently amended bill that would increase the financial burden on Pacific Gas & Electric ratepayers appears to have fizzled. AB 235 by Assemblymember Chad Mayes (R-Riverside), amended on Aug. 20, was said to allow PG&E to issue up to $20 billion in bonds to cover 2017-18 wildfire claims against the utility. The bonds would […]

Green Eggs and Nukes

28 Aug

A legislative resolution that would classify nuclear energy as a renewable resource under California’s Renewable Portfolio Standard was introduced Aug. 28. There is only one nuclear plant in the state that would benefit from ACA 18 by Assemblymember Jordan Cunningham (R-San Luis Obispo): Diablo Canyon. “Without Diablo’s power production, there is no viable path to […]

PG&E Stock Falls Further After Legal Ruling

20 Aug

Pacific Gas & Electric’s stock remained in the dumps Aug. 20 after a federal bankruptcy court Aug. 16 lifted a freeze on some $18 billion in claims stemming from the 2017 Tubbs Fire in Sonoma County. While CalFire found the devastating fire, which swept through Santa Rosa, was caused by private electrical equipment rather than […]

The Buzz

15 Aug

The California Public Utilities Commission says goodbye to President Mike Picker. The five commissioners also approve new decade-long energy efficiency targets and SDG&E’s $100 million heavy-duty vehicle electrification program. The California Independent System Operator gets a CEC pat on the back for being the new Reliability Coordinator. The Energy Commission also adopts impressive new rules […]

PG&E Tree Management Is Seriously Questioned

15 Aug

Pacific Gas & Electric was slammed for deficient training of contracted tree trimmers and inadequate vegetation management, including in high fire risk zones, by the federal court monitoring PG&E’s safety practices. The utility was put on probation by the court because of violations that led to the 2010 gas pipe blast in San Bruno. The […]

Shorts

13 Aug

Pacific Gas & Electric appointed a new utility chief executive officer and president. Andrew Vesey was selected to head the bankrupt utility, PG&E announced Aug. 13. Vesey was the managing director and chief executive officer of AGL Energy in Australia from 2015 to 2018. The prior 11 years, he served as AES Corp.’s chief executive […]

PG&E Sees Big Loss, Hedge Funds Offer $15B

12 Aug

Unlike California’s two other private utilities, massive wildfire claims caused Pacific Gas & Electric Corp. to lose a whopping $2.6 billion, according to its second quarter 2019 earnings report released Aug. 9. That loss, equating to a minus $4.95 per share, compares to a $984 million loss, or $1.98 a share, in the second quarter […]

Lawmakers Direct CPUC to Press State Goals in PG&E Bankruptcy

10 Jul

A Senate panel backed a legislative resolution July 10 that calls on the California Public Utilities Commission to work to protect public and state interests in Pacific Gas & Electric’s Chapter 11 bankruptcy proceeding. The move came just days after the utility began notifying creditors that the deadline for filing claims against it was approaching. […]

Bill Proposes Utility Wildfire Recovery Fund

3 Jul

New amendments to AB 1054 this week would create a multi-billion dollar wildfire liability fund backed principally by ratepayer money, as pushed by the governor. The measure by Assembly Utilities & Energy Committee Chair Chris Holden (D-Pasadena) proposes a $10.5 billion revolving liquidity fund to cover private utility liabilities stemming from fires their equipment may […]

PG&E Creditors Propose $30B Reorganization Plan

26 Jun

A group of Pacific Gas & Electric bondholders and unsecured creditors are pushing a $30 billion financial health plan for the bankrupt utility that would be backed principally by new equity. The plan filed by the Ad Hoc Committee of Unsecured Noteholders June 25 asked U.S. Bankruptcy Court Judge Dennis Montali to end ahead of […]

PG&E Settles on Fires with Local Governments

19 Jun

Pacific Gas & Electric will pay a total of $1 billion to 18 local agencies to resolve claims stemming from wildfires in 2015, 2017, and 2018 under a mediated settlement reached June 18. The agreement, which does not affect claims against PG&E filed by residents and businesses, must be approved by a federal bankruptcy court. […]

The Buzz

14 Jun

A House Energy panel zeros in on federal legislation and tactics to resolve the troubling issue of long-term storage of radioactive waste from nuclear power plants. Lawmakers also grapple with how to consolidate onsite spent fuel in 121 communities, including in Southern California and Sacramento. The day before, another House Energy & Commerce subcommittee tells […]

Montali Rules FERC Has No Say over PG&E Power Deals

10 Jun

A federal bankruptcy court judge ruled in Pacific Gas & Electric’s favor on who controls the more than $40 billion in PG&E’s renewable and gas power purchase agreements. Judge Dennis Montali held that his court, not federal energy regulators, has say over the multi-million dollar deals signed by PG&E. The utility is in the midst […]

The Buzz

30 May

This week is all about measures to reduce the impacts of utility-sparked wildfires in California. In the midst of all the smoke, CPUC president Mike Picker says he’ll soon retire. Earlier, he and other state energy regulators approve the investor-owned utilities’ 2019 plans to stem wildfire risks from their equipment. But, the CPUC notes, this is […]

Utility Wildfire Plans Approved With Some Caveats

30 May

The California Public Utilities Commission May 30 approved investor-owned utilities’ 2019 plans to stem wildfire risk under SB 901, as expected. “Approval of these plans is just a first step,” said Commissioner Cliff Rechtschaffen at the CPUC’s meeting this week. “We are learning as we go along,” added Commission President Mike Picker. The plans, said […]

Bankruptcy Watch: PG&E Wildfire Housing Fund Okayed

22 May

The U.S. Bankruptcy Court in San Francisco May 22 approved a $105 million Pacific Gas & Electric assistance fund to support those displaced by the Northern California wildfires in 2017 and the 2018 Camp Fire. The fund is being authorized by the court after CalFire found earlier this month that the utility caused the Camp […]