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California's energy utilities have lived in a challenging world for decades, in part due to state policymakers' insistence on costly and often risky initiatives that haven't always worked out. Consumers pay the price through some of the nation's highest rates for service. But the situation now facing PG&E breaks new ground and poses fundamental questions for not just the company and its investors, but also the public.
A downed line, coupled with dry vegetation and extremely high winds, fueled the fire that killed at least 85 people and laid waste to more than 150,000 acres and 15,000 structures.
San Francisco Mayor London Breed wants to use PG&E Corp.'s bankruptcy to take over some of the company's assets for the city's power needs, a move that would shake up California's largest utility and remake the state's energy landscape.
Embattled and bankrupt northern California utility Pacific Gas & Electric has replaced key leadership again as it deals with its alleged culpability in the state's deadly wildfires over the past two years. PG&E announced that...
The San Francisco-based utility is seeking Chapter 11 bankruptcy protection in the wake of alleged liabilities for 2017 and 2018 wildfires. The company has been absolved of responsibility for one of the major blazes which killed dozens of people and caused billions in structural damage.
California utilities are in quite a predicament. The deadly 2018 wildfires, most likely caused by utility equipment, have just about bankrupted Pacific Gas and Electric (PG&E), the state's largest investor-owned utility. The utility said it would be filing for bankruptcy by the end of the month.
The San Francisco-based utility holding company entered into the DIP with JPMorgan Chase Bank, Bank of America, Barclays and CItiGroup Global Markets, according to its filing with the U.S. Securities and Exchange Commission. PG&E expects its capital expenditures to total approximately $13.5 billion over the next two years.