PG&E Is Said to Be Planning Bankruptcy Notice to Workers - Be ready!

CA already buys nuclear power from AZ’s Palo Verde plant. Too many peaks and troughs from those renewables. Good thing Tom Steyer’s initiative here failed - it would have forced Palo Verde to close.

PG&E will still have to continue buying clean energy even after bankruptcy. How much more expensive to buy solar and wind power?

https://www.google.com/amp/s/seekingalpha.com/amp/news/3426230-federal-regulator-sides-power-suppliers-pg-and-e-contracts

“ PG&E has more than 250 contracts for renewable power, and the question of what will happen to the utility’s contracts for renewable power is critical for California, which last year delivered a third of its energy from renewable sources and has a goal to source 60% of its power from renewables by 2030.”

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Current Market Cap of PGE is $9.8B and they’re selling $15B in new equity?

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I just want to know what sorts of idiots would buy it.

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Wow. Those are third world living conditions. So anytime it’s hot and there’s no rain, they’ll shutdown the grid? People better buy backup generators. Just wait until the first person dies of heat exposure, because without power their AC didn’t work. How is this not an issue on Nevada, Arizona, etc?

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Maybe due to California law allowing people to sue PGE? Can people in Arizona and Nevada sue their power provider for wildfire?

My guess is they don’t have the same wildfire issue. They actually practice forest management which California essential outlawed. I don’t get how you can shutdown power for a week. Do hospitals even have adequate enough backup power systems for that? What about police and fire?

Then why doesn’t PGE blame the forest management, or even require forest management?

Do you really think that would work in California? The whole process is driven by emotions and environmentalists. In their mind, it’s more practical to shutoff power than allow forest management. Shutting off power is a win-win since it reduces CO2.

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PG&E Craters on Risk of Up to $18 Billion in Fire Lawsuits

  • Decision opens door for Tubbs fire victims to prep for trial

  • Separate ruling keeps PG&E in control of bankruptcy exit plan

https://www.bloomberg.com/news/articles/2019-08-19/pg-e-tumbles-as-it-faces-billions-in-lawsuits-from-fire-victims?srnd=premium

It’s not an issue here in AZ below the Mogollon Rim because we have sane policies to reduce the fuel load. That’s what turned the CA fires into infernos, not PG&E. Winds blow lines down here just like everywhere else. What happens afterward is what’s important.

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Market cap is down today to $5.7B… :smile:

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The chart is misleading. Pge is just showing the base rate most customers pay 28 cents…Liberty in Tahoe is 14 cents per KWH

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That’s about what Strawberry, AZ is. Funny thing is PG&E buys nuclear power from our utility to fill in around all the gaps caused by the renewables Sac-o-tomatoes forces them to use.
And Tom Steyer floated an initiative here in the last election - soundly defeated, fortunately - to shut down our Palo Verde nuke plant.

On a related note this is what forced use of renewables did to a Texas town.

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I think they are terrible at basic math. If they think they can leave rates the same and all the profits would fund the grid updates required, then they’ve not looked at the public financial info.