San Jose to propose turning PG&E into
giant customer-owned utility - WSJ
Send a link to a friend
[October 22, 2019]
(Reuters) -
San Jose, California's third-biggest city, is
proposing to convert PG&E Corp <PCG.N> into the country's largest
customer-owned utility, the Wall Street Journal reported on Monday,
citing the city's mayor. |
PG&E works on power lines to repair damage caused by the Camp Fire in
Paradise, California, U.S. November 21, 2018. To match Special Report
USA-FUNDS/INDEX REUTERS/Elijah Nouvelage |
Mayor Sam Liccardo said in an interview to the WSJ the city
served by PG&E hopes to persuade other cities and counties in
coming weeks to line up behind the plan.
Liccardo had earlier indicated the same, last week, according to
other media outlets. (https://bayareane.ws/2W3tFe9)
The plan is to strip PG&E of its status as an investor-owned
company and turn it into a nonprofit, electric-and-gas
cooperative, the Monday's report https://on.wsj.com/2JaJWJg
added.
Liccardo told the WSJ the time has come for the people dependent
on PG&E for essential services to propose a new direction.
PG&E Corp said, in an emailed statement to Reuters, that while
the company hasn't seen the proposal the companies facilities
are not for sale.
PG&E Corp had earlier this month rejected a $2.5 billion offer
from San Francisco to buy the bankrupt Californian company's
power lines and other infrastructure within the city, calling
the offer inadequate.
(Reporting by Arunima Kumar and Shanti S Nair in Bengaluru;
Editing by Maju Samuel and Shailesh Kuber)
[© 2019 Thomson Reuters. All rights
reserved.] Copyright 2019 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
|