PG&E completes safety inspection of distribution infrastructure

(Reuters) – Electric utility PG&E Corp said on Wednesday it has completed visual inspections of about 99% of its distribution infrastructure to provide additional precautionary measures intended to reduce wildfire risk. PG&E said it has provided the results of the inspections to California Public Utilities Commission and will make the status of the repairs publicly available on its website on […]

Read more

Factbox: Who are PG&E's new directors?

(Reuters) – PG&E Corp on Wednesday appointed Tennessee Valley Authority Chief Executive Officer William Johnson as its CEO and added 10 members to its board of directors, as the company navigates through bankruptcy. The California energy company faces crushing liabilities related to wildfires in 2017 and 2018 that killed dozens of people and destroyed thousands of homes. Effective as of […]

Read more

PG&E faces new probation terms aimed at cutting California wildfire risk

SAN FRANCISCO (Reuters) – A U.S. judge on Tuesday imposed new criminal probation terms on PG&E Corp aimed at reducing the risk that the bankrupt power producer’s equipment will spark more destructive wildfires in wooded areas of California. U.S. District Court Judge William Alsup of the Northern District of California at a hearing barred PG&E from reissuing dividends so funds […]

Read more

PG&E creditors propose $35 billion exit plan: Bloomberg

(Reuters) – Some creditors of PG&E Corp, including Elliott Management Corp and Pacific Investment Management Co (Pimco), are proposing a $35 billion plan for the California power utility to exit bankruptcy within a year, Bloomberg reported late on Wednesday. Pimco, Elliott and David Kempner Capital Management have discussed the proposal with California lawmakers and other stakeholders, Bloomberg reported, citing sources […]

Read more

PG&E close to reshaping leadership with investor backing: WSJ

(Reuters) – PG&E Corp is close to naming a new chief executive officer and revamping its board backed by some of its largest investors, the Wall Street Journal said on Saturday, as the power utility restructures after filing for bankruptcy because of potential liabilities from California wildfires. Bill Johnson, who is set to retire as the CEO of Tennessee Valley […]

Read more

Bankrupted by deadly wildfires, PG&E vows to keep the lights on

(This Jan 29 story has been corrected in paragraph 10 to remove reference to top creditors, which erroneously included banks that act as trustees on bond indentures with no direct credit exposure) By Subrat Patnaik (Reuters) – Utility owner PG&E Corp filed for bankruptcy protection on Tuesday in anticipation of liabilities from California wildfires, including a catastrophic 2018 blaze that […]

Read more

U.S. regulator sides with power suppliers over PG&E contracts

(Reuters) – Federal energy regulators said on Friday they had joint jurisdiction with a bankruptcy court over any requests to cancel or renegotiate power contracts by California utility PG&E Corp, which is preparing to file for bankruptcy. The order by the Federal Energy Regulatory Commission was a win for power producers that supply PG&E with vast amounts with solar and […]

Read more

PG&E expects capital spending of about $6.6 billion in 2019

(Reuters) – U.S. power company PG&E Corp said bit.ly/2T5NcbG on Wednesday it expected capital expenses of about $6.6 billion in 2019 and $6.9 billion in 2020. PG&E, which provides electricity and natural gas to 16 million customers in northern and central California, faces widespread litigation, government investigations and liabilities related to wildfires that could potentially exceed $30 billion. In a […]

Read more
1 2 3