PG&E Reaches Deal With California Governor to Emerge From Bankruptcy

PG&E Reaches Deal With California Governor to Emerge From Bankruptcy

Pacific Gas & Electric reached a deal with California Gov. Gavin Newsom that could allow it to emerge from bankruptcy by a critical June 30 deadline, in exchange for concessions including a revamped board, forgoing shareholder dividends for three years, and measures that could lead to a state takeover if the utility fails to meet key safety and accountability milestones.

Bankruptcy Plan Gains Ground, But PG&E Still Facing Possibility of State Takeover

Bankruptcy Plan Gains Ground, But PG&E Still Facing Possibility of State Takeover

But the plan, which has already won over a competing group of Wall Street bondholders and the vast majority of the victims of the 2017 and 2018 wildfires caused by PG&E’s equipment, still doesn’t meet one of Newsom’s key demands: a structure that could allow the state to take over the utility if it fails to meet future safety commitments.

Reflections on the Last 10 Years in Energy and Cleantech

Reflections on the Last 10 Years in Energy and Cleantech

We’re closing out the decade on this week's Energy Gang with a retrospective.Support for this podcast comes from Schneider Electric, the leader of the digital transformation in energy management and automation.Support for this podcast comes from PG&E.

California Regulators Launch Investigation Into PG&E’s Fire-Prevention Blackouts

California Regulators Launch Investigation Into PG&E’s Fire-Prevention Blackouts

California regulators this week launched an investigation into Pacific Gas & Electric’s massive fire-prevention power outages last month, both to assess whether the bankrupt utility should face millions of dollars in fines for its communication breakdowns during the events as well as to prevent future events from being as disruptive.

Pressure Mounts for Public Control of PG&E as Shares Hit Record Low

Pressure Mounts for Public Control of PG&E as Shares Hit Record Low

According to early reports, the weekend outage didn’t feature the same easily avoidable communications breakdowns of PG&E’s massive and poorly managed public safety power shutoff (PSPS) of an estimated 2 million people at the start of October.

California Governor Calls for Customer Rebates in Wake of PG&E Blackouts

California Governor Calls for Customer Rebates in Wake of PG&E Blackouts

Newsom cited multiple breakdowns in PG&E’s communications during last week’s event, including the crash of its website, meant to provide up-to-date outage information to customers and government agencies alike.

California on Edge as PG&E’s Power Outage Plan Goes Into Effect

California on Edge as PG&E’s Power Outage Plan Goes Into Effect

At the same time, PG&E is following the California Public Utilities Commission’s expanded scope for de-energization, both to cover a much larger part of the state, and to include high-voltage transmission lines (PDF) whose de-energization could force power outages in remote areas.

Will Geothermal Ever Boom Like Fracking?

Will Geothermal Ever Boom Like Fracking?

Recommended reading: Department of Energy's GeoVision report New York Times: Climate Change Takes Center Stage as Biden and Warren Release Plans Wired: VW's 'Dieselgate' Settlement Isn't Buying Many Electric Vehicles Support for this podcast comes from PG&E.

Are Uber and Lyft Bad for Energy and Climate?

Are Uber and Lyft Bad for Energy and Climate?

Get in touch with PG&E’s EV specialists to find out how you can take your transportation fleet electric. Wunder Capital is the leading commercial solar financing company in the United States. Click here to find out how Wunder Capital can help you finance your next commercial solar project.

How to protect California ratepayers, expand clean local energy and avoid bailing out PG&E

How to protect California ratepayers, expand clean local energy and avoid bailing out PG&E

In IOU service territories (unlike for municipal utilities), where the utilities have a major conflict of interest in owning both the distribution and the transmission grid, clean local energy is being burdened with these costs — currently up to 50% of total project costs — even though it's not using the transmission grid.

In New Challenge for California’s Utilities, Rating Agency Warms to Community Aggregators

In New Challenge for California’s Utilities, Rating Agency Warms to Community Aggregators

Peninsula Clean Energy, which procures electricity for around 300,000 accounts in the San Francisco Bay Area’s San Mateo County, obtained an investment-grade credit rating this week from Moody’s. “Right now, we have a better credit rating than the incumbent investor-owned utility [PG&E],” Jan Pepper, CEO of two-year-old Peninsula Clean Energy, said in an interview.

Clearway Hit by Weak Q1 Renewables Production as It Awaits PG&E Resolution

Clearway Hit by Weak Q1 Renewables Production as It Awaits PG&E Resolution

Clearway Energy Inc. reported a net loss of $47 million for Q1 2019, citing ongoing challenges with the bankruptcy of Pacific Gas & Electric Company and weak renewable energy performance across its portfolio.

PG&E Under Investigation by SEC Over Wildfire Losses

PG&E Under Investigation by SEC Over Wildfire Losses

In Thursday’s filing, the utility reported estimated liabilities of $14.2 billion for wildfire claims in 2017 and 2018, about $10 billion of that from the Camp Fire.

PG&E’s Wildfire Saga: How Will Utilities Grapple With Climate Risk?

PG&E’s Wildfire Saga: How Will Utilities Grapple With Climate Risk?

This week on The Interchange , we are going to explain what wildfires mean for PG&E and other California utilities. Click here to find out how Wunder Capital can help you finance your next commercial solar project.

PG&E Bankruptcy Drives Plans for Catastrophe Fund to Cover Wildfire Costs

PG&E Bankruptcy Drives Plans for Catastrophe Fund to Cover Wildfire Costs

Inverse condemnation “effectively turns the state's investor-owned and publicly owned electric utilities into an insurance backstop” for wildfire damages, “without the certainty of cost recovery or authorized capitalization and rate of return to account for the higher risk,” Moody’s wrote.

PG&E’s New CEO and Board Draw Criticism From Governor, State Leaders

PG&E’s New CEO and Board Draw Criticism From Governor, State Leaders

Late Wednesday, after weeks of delays and critiques from California lawmakers, PG&E officially named its new pick for CEO — Bill Johnson, former head of the Tennessee Valley Authority — and a plan to replace 10 of its 13 directors with a slate that includes former energy executives and regulators, corporate restructuring experts, and at least four residents of the state.

California Lawmakers Grapple With Risks and Uncertainties of PG&E’s Bankruptcy

California Lawmakers Grapple With Risks and Uncertainties of PG&E’s Bankruptcy

That’s why California Sen. Ben Hueso started last week’s hearing by noting that it was informational only, and that capital markets shouldn’t take the day’s discussion as indications of what future legislation might be unveiled in the weeks and months to come to manage the state’s utility and wildfire challenges.

Community Choice Groups Push for PG&E to Leave the Power Generation Business

Community Choice Groups Push for PG&E to Leave the Power Generation Business

As PG&E moves into yet another bankruptcy, the Joint CCAs strongly endorse movement toward more alternatives for safe, reliable, and cost-effective electric power supply to Californians through locally controlled public agencies.” Chaset, who is also CEO of East Bay Community Energy, agrees that PG&E’s retail and generation businesses do not pose any risks to the public.

Breaking Down PG&E’s Plan to Use Power Outages to Prevent Wildfires

Breaking Down PG&E’s Plan to Use Power Outages to Prevent Wildfires

From thousands to millions: Why PG&E’s PSPS plan could expand so dramatically California utility San Diego Gas & Electric was the first to get CPUC approval for public safety power shutoffs, in response to its deadly 2007 wildfire season.

Governor Newsom Convenes ‘Strike Team’ to Release PG&E Strategy Within 60 Days

Governor Newsom Convenes ‘Strike Team’ to Release PG&E Strategy Within 60 Days

So in addition to the administration's near-term PG&E plan, Newsom said he will work to map out a longer-term framework "not just for the utilities' future, but for California's energy future, to ensure that the costs of climate change don't fall on those least able to afford it." Newsom took a concerted step in mitigating future wildfire risk earlier this week by directing additional resources to fire prevention.

San Francisco Explores Taking Over PG&E’s Local Electricity Assets

San Francisco Explores Taking Over PG&E’s Local Electricity Assets

Localities like San Francisco generate and purchase power on behalf of customers through Community Choice Aggregation programs, or CCAs, and then pay utilities to distribute the power.

Achieving the Goal of ‘Zero Fires’ for PG&E

Achieving the Goal of ‘Zero Fires’ for PG&E

And while PG&E’s bankruptcy reorganization will take years to play out, it faces a major short-term challenge: doing its best to ensure that its power lines and equipment don’t start any more wildfires.

PG&E Faces Judge’s Wrath on Fire Prevention Failures

PG&E Faces Judge’s Wrath on Fire Prevention Failures

Pacific Gas & Electric, which filed for Chapter 11 bankruptcy protection this week and faces the threat of being broken up by California regulators, now has an additional worry — satisfying the “zero fires” goals of the federal judge overseeing its criminal probation.

Energy Jobs: More Shuffles at Tesla, Layoffs at Cypress Creek, PG&E Departures Just Beginning

Energy Jobs: More Shuffles at Tesla, Layoffs at Cypress Creek, PG&E Departures Just Beginning

Tanuj Deora starts the year in a new role as VP of market development at Simple Energy. *** Just a few months after joining the Solar Energy Industries Association in New York, Shyam Mehta has been promoted to executive director.

The Looming Bankruptcy Battle Over PG&E’s Renewable Energy Contracts

The Looming Bankruptcy Battle Over PG&E’s Renewable Energy Contracts

Last week, PG&E solar provider NextEra asked the Federal Energy Regulatory Commission (FERC) to use its authority under the Federal Power Act (FPA) to order the utility not to “abrogate, amend or reject in bankruptcy any of the rates, terms and conditions of its wholesale power purchase agreements,” including hundreds of megawatts of decade-old solar farms that are selling power at far above today’s market rates.

Cal Fire Clears PG&E of Causing 2017 Tubbs Fire, Offering Financial Relief Amid Bankruptcy Crisis

Cal Fire Clears PG&E of Causing 2017 Tubbs Fire, Offering Financial Relief Amid Bankruptcy Crisis

In a court filing this month, PG&E claimed that the equipment that started the fire, “located beyond PG&E’s service delivery point, was planned, designed, installed, maintained and operated by third parties, not PG&E.” This finding is critical, because under California’s “inverse condemnation” legal standard, utilities can be held liable for damages caused by fires started by their equipment, even if they weren’t at fault and had followed all laws and rules for keeping it safe.

Twice Burned, Once Shy—Why Californians Should Be Wary of Bailing Out PG&E Again

Twice Burned, Once Shy—Why Californians Should Be Wary of Bailing Out PG&E Again

That gives utility executives an institutional bias toward building big, expensive infrastructure that generates shareholder returns but is vulnerable to climate-accelerated threats like wildfires (or widespread customer-owned power generation).

PG&E Bankruptcy Could Deal Blow to Its Solar-Power Suppliers’ Finances

PG&E Bankruptcy Could Deal Blow to Its Solar-Power Suppliers’ Finances

(Most of the renewable energy the utility uses is solar power.) If PG&E succeeded in renegotiating the contracts, it could use the money it saved to pay fire-related damages.

Dissecting PG&E’s Historic Looming Bankruptcy

Dissecting PG&E’s Historic Looming Bankruptcy

Will the bankruptcy outcome crush California’s goals to clean up the electric grid? Wunder Capital is the leading commercial solar financing company in the United States. Click here to find out how Wunder Capital can help you finance your next commercial solar project.

PG&E Is Going Bankrupt. What’s My YieldCo Exposure?

PG&E Is Going Bankrupt. What’s My YieldCo Exposure?

Since this is a wind farm, the PPA is less likely to be as far above market price for a new wind farm than it might be for solar, so in a worst-case scenario I would expect revenue from this farm might be reduced by 30 percent, lowering PEGI's revenues and CAFD by approximately $4.7 million, or 1 percent of annual revenue and 2-3 percent of expected 2019 CAFD.