NEWS
BANKRUPT CALIFORNIA UTILITY SHEDDING OVER $40 BILLION WORTH OF GREEN ENERGY CONTRACTS
Pacific Gas and Electric (PG&E) may shed more than $40 billion worth of power purchase agreements after the California utility was driven into bankruptcy by liabilities for sparking deadly wildfires, The Wall Street Journal reports.
PG&E wants the U.S. Bankruptcy Court in San Francisco to rule whether the company must honor $42 billion worth of contracts with about 350 different energy suppliers, mostly solar and wind plants.
The court’s decision could have a major impact on California’s renewable energy industry and power makeup. Many green energy suppliers only do business with PG&E, California’s largest utility. Shedding those contracts would likely drive those companies under and cripple California’s ability to meet energy goals set by the state government.
“A lot of companies are in that position, where PG&E is responsible for 100% of their revenues,” Credit Benchmark lead researcher David Carruthers told WSJ.
https://dailycaller.com/2019/01/30/bankrupt-california-pge-green-energy/