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State ownership would not necessarily result in better maintenance of the utility’s distribution system, said Catherine Sandoval, a professor at Santa Clara Law School and former CPUC commissioner military cufflinks and studs. “If you change to municipal control without changing the underlying dynamics of the maintenance and operation of the utility and its transmission network, you haven’t really solved the problem,” Sandoval said. State support for debt financing would result in a lower impact on consumer bills because all future wildfire liabilities would be absorbed by the remaining equity rate base in PG&E. This option would be less favorable for shareholders due to the threat of future fire liabilities..
A perceived bailout of PG&E is losing luster among legislators and regulators and is far from assured, S&P Global said when it stripped the company of its investment-grade rating late on Monday military cufflinks and studs. “Previously, we assumed that given California’s robust renewable portfolio standards and the increasing risks of climate change, legislators and regulators would proactively work with the utility to preserve credit quality to achieve these goals,” S&P Global analysts said in a note. “However, based on recent developments, we no longer believe this to be true given the utility’s own missteps.”..
The CPUC last month said it was considering a range of options for addressing PG&E’s safety problems, including replacing some or all of its directors, splitting the utility’s gas and electric divisions into separate companies, and reforming it into a publicly owned utility. Since then, PG&E has said it is shaking up its board and reviewing its structure and corporate governance, but has not filed a specific plan with the CPUC. The CPUC did not return a request for comment. California could allow PG&E to go bankrupt, for the second time in its history military cufflinks and studs.
Under that scenario, shareholders would be the big losers. But California could benefit if the utility installs new management and can rebuild trust in Sacramento and on Wall Street. The state would also have time to consider how to reduce the risk from the cost of increasingly devastating wildfires over the long term. “The fundamental problem is the utility at the current rate structure doesn’t generate enough revenue to cover expenses” from catastrophic wildfires, Stanford’s Wara said. “The utility’s management has gotten understandably very focused on the short term.. The most important thing the state could do is slow things down. One way that happens is in bankruptcy.” military cufflinks and studs.
Though PG&E can continue to operate in bankruptcy, ratepayers could still see higher bills. When PG&E went bankrupt in 2001 amid the state’s energy crisis, California customers had to pay higher bills for years to help repay $13 billion owed to creditors. Another bankruptcy today could potentially lump individual claims from wildfires in with Wall Street’s claims, possibly ballooning the payout and leaving victims to compete with creditors military cufflinks and studs. Dodd, the state senator, said on Monday that he would ask the state’s Legislative Analyst’s Office to assess the impact of a PG&E bankruptcy on ratepayers and fire victims..