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SFPUC updates commission on PG&E bankruptcy and city's $2.5B acquisition offer
Summary
SFPUC staff briefed the commission on bankruptcy activity in federal court, two competing reorganization plans that so far omit the city's acquisition option, and ongoing efforts to press the city's $2.5 billion offer and alternative governance ideas such as a customer-owned co-op.
San Francisco ' The San Francisco Public Utilities Commission received a detailed update on Nov. 12 about PG&E's bankruptcy and the city's continuing efforts to press an acquisition offer for distribution and transmission assets serving San Francisco.
Barbara Hale, Assistant General Manager for Power, said two reorganizational plans are before the federal bankruptcy court (PG&E's preferred plan and a bondholder plan) and neither currently includes the city's proposal. She said the court has designated a mediator and that AB 1054 creates a practical deadline of June 30, 2020 for confirmation and access to wildfire funds the legislature established.
Hale told the commission the city's team, working with financial advisers, has presented a "$2,500,000,000 offer" to help PG&E emerge from bankruptcy and that city staff are engaging with other parties and reviewing alternative governance models that have been proposed publicly. "That $2,500,000,000 offer is available to help offset the obligations that PG and E faces in the bankruptcy case," Hale said.
Hale also discussed a cooperative or customer-owned model being championed by some local officials and the advantages and open questions it raises, including governance transparency and financing feasibility. She noted other public agencies have presented or are considering offers to PG&E for particular service territories.
Commissioners asked for regular updates and urged continued coordination among city leaders and staff as state legislative and court processes proceed. Public commenters who spoke later reiterated support for the city's efforts and stressed the importance of preserving community input and climate goals in any post-bankruptcy structure.
