Update: PG&E Close to Finalizing $13.5 Billion Bankruptcy Terms


Sum to be paid half in cash, half in stock in newly reorganized private utility company.

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What’s the latest for PG&E customers?

California’s biggest utility is close to finalizing terms of a $13.5 billion payout to wildfire victims, according to reporting from Bloomberg News.

PG&E was found liable for causing wildfires in 2017 and 2018 after decades of neglecting their infrastructure.

The original liability was estimated at $30 billion, which led PG&E to bankruptcy in early 2019.

From Bloomberg: PG&E Is Near $13.5 Billion Deal With Wildfire Victims

If finalized, this will help the privately-owned utility avoid a state takeover.

Predictably…

The matter is not yet fully complete, and PG&E will likely achieve their desired outcome. This is a welcome sign of stability for the utility and its beleaguered customers.

Unfortunately, there will likely be an increase in electric rates for residents. PG&E will almost certainly pass the costs on to its own customers. Many of these customers are the very same victims of the fires they were found liable for in the first place.

And then there are the blackouts. PG&E is still trying to prevent additional wildfires. For safety, they have been shutting off power to hundreds of thousands of Californians at a time, often for several continuous days.

For PG&E customers, the best solution to rising costs and more frequent blackouts is to switch to solar with a backup battery.

Backup battery prices have dropped significantly in recent years. Solar panels have also become much more affordable. This comes partly from market availability, and partly from improved efficiency in converting sunlight into electricity.

The best way to get away from PG&E’s blackouts AND their rising prices is to switch to solar with a backup battery. Contact Sungevity today to the best pricing of 2019…and lock in those low rates for decades to come!

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