California wildfires
Analysts at a renewable energy conference warned that PG&E could still reject its renewable power purchase agreements in bankruptcy.
The federal judge overseeing Pacific Gas and Electric’s bankruptcy named a mediator to help the utility and its bondholders negotiate a reorganization plan.
PG&E’s stock price fell to a record low as a huge wildfire its equipment is suspected of starting last week continued burning mostly uncontrolled.
PG&E told regulators its public safety power shutoffs could continue for another decade, and is making plans to turn off electricity if and when necessary.
SoCal Edison came under increasing scrutiny for its possible role in starting the Saddleridge Fire, while PG&E defended its public safety power shutoffs.
PG&E restored power to 738,000 customers after its public safety power shutoffs prompted a backlash from the public, state regulators and elected officials.
As roughly 600,000 Pacific Gas and Electric customers remained without power, the president of the California PUC called the situation “unacceptable.”
PG&E shut down power to large swaths of its Northern California service territory, citing gusty winds that could cause utility-sparked conflagrations.
The escalating battle between bondholders and shareholders to control PG&E (NYSE:PCG) when it exits bankruptcy played out before Judge Dennis Montali.
California Gov. Gavin Newsom signed two dozen bills dealing with wildfire prevention and affecting the state’s electricity providers.
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