Are California’s Solar and Wind Projects at Risk in PG&E Bankruptcy?

By  – Re-Blogged From WUWT

PG&E has asked a bankruptcy judge for the authority to nullify billions of dollars in contracts with solar and wind farms.

California has the most far-reaching renewable energy laws in United States.

But with the bankruptcy filing Tuesday by the state’s biggest electric utility, PG&E, major questions are arising about whether California will be able to meet its ambitious targets for solar, wind and other types of green electricity in the years ahead.

The NextEra Energy wind turbines are seen from this drone view along Flynn Road North near Altamont Pass in Livermore, Calif.,

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PG&E Filing Bankruptcy

From Zero Hedge – Re-Blogged From WUWT

Confirming earlier reports that distressed California utility PG&E had rejected a proposal by some of the world’s most prominent investors that would keep it out of bankruptcy, moments ago Bloomberg reported that the board of the embattled utility which is facing $30 billion in wildfire liabilities, voted late Monday to file for bankruptcy protection as soon as midnight.

In pursuing a Chapter 11 bankruptcy filing, PG&E is declining a proposal by an investing group led by Paul Singer’s Elliott Management that would’ve been backed by $4 billion in bonds and given the company enough cash to stay avoid bankruptcy while working through its liabilities. A second group of investors including Ken Griffin’s Citadel and Leon Black’s Apollo who had pitched a rival plan, were also rebuffed.

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