Pacific Gas and Electric Company (PG&E) has until June 30, 2020, to restructure. If it doesn't accomplish this, Governor Newsom has threatened that the state will take over the utility. So far PG&E's restructuring plan favors shareholders and would raise debt and equity. But other competing groups also have plans for restructuring and takeover: big equity funds, bondholders, and municipalities offering to buy PG&E. One way or the other, ratepayers are going to be on the hook. Read more about these plans in The Economist
Until recently, State Senator Dodd has been a supporter of PG&E, participating in its fundraisers. With co-host Assemblymember Cecilia Aguiar-Curry, D-Winters, Dodd will discuss continuing concerns. “We must keep our communities safe, and the way PG&E has responded is unacceptable. I’m calling for fundamental change to the governance, control, and oversight of the troubled utility.” Hopefully, he will discuss these proposed plans and what is best for us, the ratepayers and the voters in his district.
But will anything fundamentally change? Bring your questions. Are there alternatives that may better serve us than shoring up PG&E? (Read Kathy Felch's prospective analysis below, Thinking off the Grid.)
The town hall will feature a panel of state and local experts discussing actions already underway to protect the public, necessary improvements, and next steps.
Hope to see you there!