|
The
decision by the California Public Utilities Commission (CPUC)
also approved the company's request to issue new debt and
securities to finance its exit from bankruptcy, PG&E said in a
statement.
The San Francisco-based utility had filed for Chapter 11
bankruptcy protection in January last year, citing potential
liabilities exceeding $30 billion from major wildfires sparked
by its equipment in 2017 and 2018. The company needs to exit
bankruptcy by June 30 to participate in a state-backed wildfire
fund that would help reduce the threat to utilities from
wildfires.
The power provider has had a tumultuous phase since the filing,
with CPUC having asked the company in April for governance and
oversight changes to its reorganization plan. Governor Gavin
Newsom too had previously raised concerns about the plan.
PG&E said the California power regulator has now approved a
number of measures to improve its governance process,
operational structure, and safety performance.
The regulatory approval came hours after a federal judge blasted
the company for engaging in behavior that he believed is
endangering lives.
Earlier in the day, U.S. District Judge William Alsup said power
regulators in California have not done enough to hold the
company accountable.
The November 2018 wildfire destroyed much of the town of
Paradise, which had about 26,000 people, and nearby Concow. More
than 18,000 buildings were affected.
PG&E also agreed to put itself up for sale if it cannot emerge
from Chapter 11 by a state-imposed June 30 deadline, before the
next wildfire season begins.
(Reporting by Kanishka Singh and Arundhati Sarkar in Bengaluru;
Editing by Sriraj Kalluvila and Sherry Jacob-Phillips)
[© 2020 Thomson Reuters. All rights
reserved.] Copyright 2020 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
