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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.
Pacific Gas and Electric Company (PG&E) this week announced that it will be implementing a series of additional precautionary measures intended to further decrease wildfire threats in communities that are at higher risk of wildfires, as well as additional support for its customers and their families impacted by the Camp Fire in Butte County. The actions that PG&E announced include:
Southern Co. has named a longtime technology consultant and the former CEO of Pacific Gas & Electric's parent company to its board of directors. Janaki Akella and Anthony F. Earley, Jr. were appointed as independent directors effective January 2.
In North America, natural gas is no longer necessarily the most cost-effective nor lowest-carbon energy resource to deploy. While gas will remain an important fuel source for a diverse generation base for years to come, it is facing competition.