Another California County May Want to Buy Piece of Bankrupt PG&E
Another California County May Want to Buy Piece of Bankrupt PG&E
(Bloomberg) -- A rural county near Sacramento is joining the list of California communities that are interested in seizing pieces of bankrupt utility giant PG&E Corp.
On Friday, a public power agency serving Yolo County said it would examine the possibility of buying out PG&E’s local poles and wires. “Exploring the feasibility of this option is the responsible thing to do for our customers,” said Tom Stallard, board chairman for Valley Clean Energy. “And the timing of this opportunity is unique.”
No sooner had PG&E filed for bankruptcy in January, facing an estimated $30 billion in wildfire liabilities, than San Francisco officials started studying buying out the company’s equipment within their city -- PG&E’s hometown. San Francisco hasn’t yet decided whether to make PG&E an offer.
In California’s Central Valley, an irrigation district that has tried in the past to buy PG&E’s local equipment or seize it through eminent domain, the South San Joaquin Irrigation District, also is considering a bid. And the mayors of San Jose and Oakland, California, joined San Francisco Mayor London Breed in opposing state legislation that made it more difficult to buy a piece of the company.
To contact the reporter on this story: David R. Baker in San Francisco at dbaker116@bloomberg.net
To contact the editor responsible for this story: Lynn Doan at ldoan6@bloomberg.net
©2019 Bloomberg L.P.