So.... what does PG&E filing for bankruptcy mean for Californians? Can some smart people on energy policy, insurance, climate, etc. respond to this below?https://twitter.com/EdLudlow/status/1062739216109514752 …
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SB901 means that liabilities may be manageable 2019-forward from stress-testing the balance sheet and what they can handle. 2018 is unclear so we don't know. However, nobody at a high level in state gov't wants a bankrupt PG&E. It'd destroy chances to hit clean energy goals.
They've essentially been greenlighted to issue cost-recovery bonds due to wildfires as part of their ratebase so cash is less meaningful than it used to be. But again, it's really about the 2017/2018 penalties. If they make it through this they *should* be ok.
Critical national infrastructure should be owned by the state and not run for profit. But then I'm European, so I would say that. I've never understood why PG&E had such a monopoly here.
Should be bought out by the state with a plan to transform its system to 100% renewable energy by 2030 & undergrounding high fire-risk distribution lines. “Natural” monopolies should be publicly owned with transparent oversight IMO.
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