PG&E Bankruptcy
Gov. Gavin Newsom released an outline of his proposed 2020-2021 budget that included language reiterating his threat to take over Pacific Gas and Electric.
PG&E's bankruptcy looks likely to continue through the first half of 2020, while CAISO seeks to expand its EIM and meet reliability requirements.
PG&E scored major wins in its effort to emerge from Chapter 11 bankruptcy with its shareholders still in control of the utility.
California Gov. Gavin Newsom told the bankruptcy court he objects to the plan PG&E submitted, including the proposed $13.5 billion settlement with victims.
PG&E announced it had reached a $13.5 billion settlement with the individual victims of wildfires sparked by its equipment from 2015 to 2018.
Attorneys for PG&E urged Bankruptcy Judge Dennis Montali to approve the utility’s proposed $11 billion settlement with insurance companies and hedge funds.
The federal judge in charge of PG&E’s bankruptcy rejected the utility’s argument that it isn’t subject to CA’s legal doctrine of inverse condemnation.
PG&E’s attorneys argued in federal bankruptcy court that inverse condemnation applies only to public entities and that the utility is not a public entity.
Wildfire victims and California Gov. Gavin Newsom challenged PG&E’s proposed $11 billion settlement with insurance companies that are seeking reimbursement.
More elected officials are calling for a public takeover or restructuring of PG&E after it blacked out millions of Californians to prevent deadly wildfires.
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