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San Francisco Makes Bid for PG&E's Electric System

Power News - Published on Wed, 11 Sep 2019

Image Source: energy.economictimes.indiatimes.com
San Francisco has offered USD 2.5 billion to buy PG&E Corp's power lines and other electrical system infrastructure serving the city, they said on Sunday, eight months after the utility sought Chapter 11 bankruptcy protection. PG&E is expected to file a reorganization plan in a US bankruptcy court in San Francisco this week that addresses its estimated USD 30 billion in liabilities from wildfires in California in 2017 and 2018, including November's Camp Fire, the deadliest and most destructive wildfire of the state's modern history.

San Francisco Mayor London Breed and City Attorney Dennis Harrera outlined the city's proposal in an indication of interest letter sent to PG&E.The letter said that "The Targeted Assets would include substantially all of PG&E's distribution assets, 230/115 kV transformings and 115 kV transmission lines located within city limits and certain other assets that are needed to properly service customers in San Francisco.”

The purchase would be funded through a municipal power bond passed by voters last year and would be paid off through customers' electric bills, according to the San Francisco Chronicle, which also noted the deal would create California's third-largest government-owned electric utility, after the Los Angeles Department of Water and Power and the Sacramento Municipal Utility District.

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Posted By : Rabi Wangkhem on Wed, 11 Sep 2019
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