USA – PG&E will need to make significant changes to exit bankruptcy and has proposed a reorganization plan, but there is momentum building for a wholesale shift of the utility’s purpose.
“We face the need for a completely re-engineered and reconstructed system to adapt to the realities of climate change and poorly maintained infrastructure,” 22 mayors wrote to the CPUC and Newsom, urging consideration of a public takeover. “PG&E cannot meet these challenges if it stumbles out of bankruptcy, barely able to raise capital, and suffering prohibitive costs.”
PG&E is up against a June 30 statutory deadline to advance a reorganization plan or lose access to a fund designed to help utilities address wildfire costs.
The CPUC on Wednesday will consider opening an investigation into how investor-owned utilities are utilizing the PSPS program to keep electric systems safe. PG&E’s shutoffs have left millions without power, when the utility determined high winds and dry conditions created conditions where its system could potentially spark a fire.
The agenda for the meeting says the purpose of this investigation would be to consider if IOUs’ “actions to de-energize their electric facilities during hazardous weather conditions properly balance the need to provide reliable service with public safety.”
The utility’s official creditors committee had no comment. PG&E in a statement said it remains committed to “working with the individual claimants to fairly and reasonably resolve their claims and will continue to work to do so.”