PG&E bankruptcy
Suit Seeks to Void PG&E $11B Ratepayer Bond
The Utility Reform Network is legally challenging regulators’ approval of Pacific Gas & Electric’s plan to issue $7.5 billion in ratepayer-backed bonds, plus $4 billion in interest and charges over 30 years, intended to cover part of the utility’s wildfire liability.
The California Public Utilities Commission has put “captive ratepayers at risk of paying for […]
Five More Years of Oversight for PG&E, at Shareholder Expense
The California Public Utilities Commission unanimously voted to require Pacific Gas & Electric shareholders, not ratepayers, to pay $25 million over five years for an independent state safety monitor. It won’t be the first time the company has had such a watchdog, but questions about the extent of oversight and who would […]
PG&E Earnings Brighten but Wildfire Clouds the Future
Pacific Gas & Electric Corp’s second quarter earnings were far better than ones in 2020, rising to $397 million, or 20 cents per share, the company reported July 29. That compares to a loss of $1.97 billion in last year’s second quarter […]
CPUC Pitches Independent State Monitor for PG&E
The California Public Utilities Commission plans to replace the outgoing federal monitor, who is keeping tabs on Pacific Gas & Electric compliance with safety and reliability laws, regulations, and protocols, with a state monitor next year. In light of the utility’s numerous violations over the last several years, an ongoing safety monitor was required as part of PG&E’s bankruptcy reorganization plan, approved almost a year ago.
PG&E Sells Headquarters for $18M, Exec Compensation Soars
Pacific Gas & Electric announced May 24 it found a buyer for its long-time headquarters in downtown San Francisco. It will sell its buildings on Beale and Market streets near the San Francisco Bay for $800 million to Hines Atlas US LP, a Delaware limited partnership. After 115 years in the City […]
Unprecedented PG&E Ratepayer Bond Gets Final Okay
The California Public Utilities Commission unanimously approved the financing order setting parameters for Pacific Gas & Electric’s unprecedented 30-year, $7.5 billion ratepayer financed securitization. It is the largest and lengthiest utility bond securitization in U.S. history, according to Joseph Fichera, Saber Partners CEO.
On May 6, the CPUC […]