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SFPUC publicly presents $2.5 billion nonbinding offer to buy PG&E distribution assets
Summary
The San Francisco Public Utilities Commission publicly reviewed a nonbinding $2.5 billion offer to purchase PG&E’s electric distribution assets serving San Francisco. Staff said the offer is conditioned on physical due diligence, regulatory and bankruptcy approvals and transition agreements with PG&E and unions.
Barbara Hale, assistant general manager for power, presented the city’s publicly disclosed, nonbinding letter of intent to buy PG&E’s electric distribution assets serving San Francisco, a proposal submitted Sept. 6 and informed by a May preliminary report and consultant work.
Hale said the package targets PG&E’s distribution assets in the city — 230 kV to 115 kV transformers and the 115 kV transmission lines that serve San Francisco — as well as streetlights, service yards, rolling stock, inventory and the systems needed to operate local distribution. The preliminary offer values those targeted assets at $2.5 billion in cash and includes a premium designed to facilitate PG&E’s timely emergence from bankruptcy, staff said.
The offer is expressly nonbinding and contingent on comprehensive due diligence, negotiation of purchase documentation and ancillary agreements, and…
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