“PG&E Corp. quickly took steps after filing for bankruptcy protection Tuesday to renegotiate power deals with green energy projects that rely on the California utility for most or all of their revenues.”
“PG&E’s commitments under power purchase agreements are roughly three times its 2017 gross revenues, according to the filing. The complaint reflects how PG&E’s bankruptcy is rippling across California energy markets and will likely affect the state’s efforts to reduce carbon emissions, potentially undercutting legislative mandates that encourage renewable production.”
““A lot of companies are in that position, where PG&E is responsible for 100% of their revenues,” said David Carruthers, lead researcher at Credit Benchmark.”
Wall Street Journal quotes David Carruthers, Credit Benchmark’s Head of Research, in an article on the bankruptcy of Pacific Gas and Electric (PG&E).
By Andrew Scurria, January 29, 2019, Wall Street Journal.
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