{"id":394932,"date":"2019-02-02T09:09:04","date_gmt":"2019-02-02T08:09:04","guid":{"rendered":"http:\/\/rinf.com\/alt-news\/newswire\/bankrupt-california-utility-shedding-more-than-40-billion\/"},"modified":"2019-02-02T09:09:04","modified_gmt":"2019-02-02T08:09:04","slug":"bankrupt-california-utility-shedding-more-than-40-billion","status":"publish","type":"post","link":"https:\/\/rinf.com\/alt-news\/newswire\/bankrupt-california-utility-shedding-more-than-40-billion\/","title":{"rendered":"Bankrupt California Utility Shedding More Than $40 Billion"},"content":{"rendered":"
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By Tim Pearce
Daily Caller<\/a><\/p>\n

February 2, 2019<\/p>\n<\/p><\/div>\n

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Pacific Gas and Electric (PG&E) may shed more than $40 billion worth of power purchase agreements after the California utility was driven into bankruptcy by liabilities for sparking deadly wildfires, The Wall Street Journal reports.<\/p>\n

PG&E\u00a0wants<\/a>\u00a0the U.S. Bankruptcy Court in San Francisco to rule whether the company must honor $42 billion worth of contracts with about 350 different energy suppliers, mostly solar and wind plants.<\/p>\n

The court\u2019s decision could have a major impact on California\u2019s renewable energy industry and power makeup. Many green energy suppliers only do business with PG&E, California\u2019s largest utility. Shedding those contracts would likely drive those companies under and\u00a0cripple<\/a>\u00a0California\u2019s ability to meet energy goals set by the state government.
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\u201cA lot of companies are in that position, where PG&E is responsible for 100% of their revenues,\u201d Credit Benchmark lead researcher David Carruthers told WSJ.<\/p>\n

Former California Gov. Jerry Brown signed\u00a0legislation<\/a>\u00a0in September that mandated the state run on 100 percent green energy by 2045. It also bumped a previous target of 50 percent by 2030 to 60 percent.<\/p>\n

The goals set by government officials were optimistic before PG&E\u00a0filed<\/a>\u00a0for bankruptcy Tuesday. California\u2019s grid operator has paid surrounding states on several occasions to take excess power off California\u2019s grid caused by overproducing solar and wind farms.<\/p>\n

Read the Whole Article<\/strong><\/span><\/a><\/p>\n<\/p><\/div>\n<\/p><\/div>\n

Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Tim PearceDaily Caller February 2, 2019 Pacific Gas and Electric (PG&E) may shed more than $40 billion worth of power purchase agreements after the California utility was driven into bankruptcy by liabilities for sparking deadly wildfires, The Wall Street Journal reports. PG&E\u00a0wants\u00a0the U.S. Bankruptcy Court in San Francisco to rule whether the company must […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[519],"tags":[],"class_list":{"0":"post-394932","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-newswire"},"_links":{"self":[{"href":"https:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts\/394932","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/comments?post=394932"}],"version-history":[{"count":0,"href":"https:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts\/394932\/revisions"}],"wp:attachment":[{"href":"https:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/media?parent=394932"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/categories?post=394932"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/tags?post=394932"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}