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PG&E challenged inverse condemnation in California’s Supreme Court unsuccessfully late last year. In a legal filing, the company noted that regulators decide how much private utilities such as PG&E can charge customers, limiting their ability to mitigate pain from crushing liabilities. PG&E also highlighted in the legal argument a decision by regulators to deny another private utility’s request to recover hundreds of millions of dollars in uninsured costs resulting from settling claims related to wildfires burberry cufflinks amazon.
That status quo will cause private utilities to “face increasing difficulty in obtaining capital from investors, threatening financial harm to the utilities and potentially rendering them economically unsustainable,” the company said in the petition to California’s highest court. Absent a court intervention, it would be up to California’s state politicians, including Governor Gavin Newsom, to come up with a legislative fix to inverse condemnation burberry cufflinks amazon. “Bankruptcy is PG&E’s response to the risk of (inverse condemnation),” said Severin Borenstein, the faculty director of the Energy Institute at the Haas School of Business at the University of California, Berkeley..
“That leads to the larger question of whether or not this bankruptcy leads to..how we have utilities in California, and if we move from private firms to government owned,” he said. PG&E’s subsidiary, Pacific Gas and Electric Company, filed for bankruptcy in 2001, offering hints on how much investors and creditors could recover this time burberry cufflinks amazon. The subsidiary could not pay its bills during a California energy crisis caused by market manipulation that left consumers dealing with blackouts..
In PG&E’s 2001 bankruptcy, creditors were repaid in full, according to company statements, an unusual scenario most companies in financial distress do not achieve. What is more, PG&E shares continued trading between 2001 and 2004, while the subsidiary was in bankruptcy, and never dropped below $6 per share, according to Refinitiv data. PG&E shares ended trading on Monday at $8.38. Most companies lose all equity value as they face bankruptcy. PG&E’s bonds traded sharply lower Monday after the company said it was preparing for bankruptcy, indicating that holders do not expect to recover all of their investment this time burberry cufflinks amazon.
SACRAMENTO, Calif. (Reuters) – PG&E Corp’s announcement that it will file for bankruptcy, citing massive potential liability from deadly wildfires, puts California politicians in quandary, whether to offer a bailout or risk allowing the state’s largest private utility to fail. Governor Gavin Newsom, a Democrat, told reporters late on Monday his team was discussing the possibility of helping PG&E stay solvent, but no decisions had been made. And lawmakers in the state legislature, who last year approved a bill making it easier for PG&E to bill ratepayers for the costs of wildfires sparked by its equipment in 2017, said that there was less support this year for extending additional financial assistance to the company burberry cufflinks amazon.