City of San Francisco makes $2.5 billion bid for PG&E’s electric system

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City of San Francisco makes $2.5 billion bid for PG&E’s electric system

On Sunday, the 8th of September 2019, San Francisco-based utility service provider, PG&E Corp., which went bankrupt by deadly California blazes, told that the city of San Francisco had made a $2.5 billion buyout offer for PG&E Corp.’s power lines alongside electrical system serving the city infrastructure.

More importantly, latest bid of the city of San Francisco came into being ahead of a PG&E hearing in a bankruptcy court in the San Francisco as early as this week, where the bankrupted utility firm was expected to file a reorganization plan aimed at addressing its $30 billion in wildfire liabilities and claims in California back in 2017 and 2018, including a November Camp Fire, contemplated as the most destructive and deadliest wildfire in modern US history.

Meanwhile, adding that the firm would remain open to negotiate on the bid, PG&E spokeswoman, Karly Hernandez said in a statement on Sunday (September 8th), “We all agree on the importance of continuing to serve the citizens of San Francisco with safe, clean, affordable and reliable energy.

PG&E has been a part of San Francisco since the company’s founding more than a century ago, and while we don’t believe municipalization is in the best interests of our customers and stakeholders, we are committed to working with the City and will remain open to communication on this issue. ”