California Gov. Gavin Newsom and bankruptcy bound Pacific Gas and Electric Co. (PG&E) and its parent company have informed a federal court in San Francisco of their joint support for a revisedplan of reorganizationfor the combination utility’s exit from Chapter 11. The agreement includes PG&E’s acceptance of a state takeover if it fails to get timely court and state approvals.
Articles from Newsom
Pacific Gas and Electric Co. (PG&E) and its parent company have received approval from a federal bankruptcy court in San Francisco for a $23 billion financing package to help pay its considerable liabilities from a rash of wildfires in 2017 and 2018.
California Gov. Gavin Newsom has allocated up to $12 billion over the next five years to support climate change mitigation measures, targeting wildfires and various energy transformation efforts.
Pacific Gas and Electric Co. (PG&E) late Thursday filed a revised final Chapter 11 reorganization plan after its recent completion of three separate victims and insurance settlements totaling more than $25 billion.
As California’s three-week streak of preventive power shutoffs and serious wildfires calmed down over the weekend, the political rhetoric and regulatory pushback accelerated, resulting in the naming of a temporary statewide energy czar and Gov. Gavin Newsom calling for a public sector takeover of bankruptcy-mired Pacific Gas and Electric Co. (PG&E).
The CEO of California Resources Corp. (CRC), the state’s largest independent, said Gov. Gavin Newsom may push for more oversight of the oil and gas industry, but more stringent rules unlikely would be onerous.
The onset of another wildfire season in California is spurring activity in legislative, regulatory and judicial hearing rooms.
Bankruptcy-bound Pacific Gas and Electric Co. (PG&E) didn’t do enough to head off its alleged liability for a series of wildfires, California Gov. Gavin Newsom said Tuesday during a one-hour state-of-the-state address, during which he said a “strike team” has been assigned to work with the utility on developing a mitigation plan.
California Gov. Gavin Newsom filled eight energy-related regulatory appointments on Tuesday, including three positions on a new wildfire cost recovery panel.
The dire circumstances surrounding California’s largest energy utility stemming from multi-billion dollar wildfire liabilities continue to consume the attention of the state’s leaders, driving political, financial and regulatory concerns to a fever pitch as the new year gets into full swing.