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posted by Fnord666 on Wednesday January 30 2019, @02:41PM   Printer-friendly
from the using-larger-fonts dept.

Submitted via IRC for Bytram

PG&E files for bankruptcy. Here's why that could mean bigger electricity bills

PG&E Corp., which owns California's largest electric utility, filed for bankruptcy protection Tuesday in anticipation of huge legal claims, starting an unpredictable process that could take years to resolve and is likely to result in higher energy bills for the millions of Californians who depend on Pacific Gas & Electric for power.

PG&E said a Chapter 11 bankruptcy filing, which allows the company to continue operating while it comes up with a plan to pay its debts, was the only way to deal with billions of dollars in potential liabilities from a series of deadly wildfires, many of which were sparked by the company's power grid infrastructure.

"Through this process, we will prioritize what matters most to our customers and the communities we serve — safety and reliability," interim Chief Executive John R. Simon said in a statement. "We believe that this process will make sure that we have sufficient liquidity to serve our customers and support our operations and obligations."

Energy experts say PG&E's rates probably will increase when the utility emerges from Chapter 11 protection because bankruptcy inevitably makes it more expensive for a company to borrow money and creates large legal and other bankruptcy-related costs. The utility passes such expenses along to its customers.

"It's almost impossible to see a way out of this that doesn't have some short-term cost increases," Ralph Cavanagh, co-director of the energy program at the Natural Resources Defense Council, said in a recent interview.


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  • (Score: 2) by realDonaldTrump on Wednesday January 30 2019, @03:40PM (1 child)

    by realDonaldTrump (6614) on Wednesday January 30 2019, @03:40PM (#794083) Homepage Journal

    They own the Energy Grid. Which is why they're getting so many lawsuits. Which is why they filed the B.K. As it says in the Summery.

    And possibly they'll raise prices, right? They'll want to raise prices. And a big part of that is, they charge for the Energy Grid. Higher price for using Energy Grid. So the electric that goes through that one will cost more. Whether it's Solar Power, Wind Power or Flower Power.

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  • (Score: 1) by fustakrakich on Wednesday January 30 2019, @08:13PM

    by fustakrakich (6150) on Wednesday January 30 2019, @08:13PM (#794224) Journal

    They own the Energy Grid.

    That's the rub, ain't it? Time for some of that civil asset forfeiture, or even good old eminent domain.

    They shouldn't be allowed to own the grid. They should be paid to build and maintain it, so we can fire them and seize their ill gained profits when they fuck up.

    --
    La politica e i criminali sono la stessa cosa..