• About
    • Which Energy Mix is this?
  • Climate News Network Archive
  • Contact
The climate news that makes a difference.
No Result
View All Result
The Energy Mix
  • Canada
  • Fossil Fuels
  • Ending Emissions
  • Cities & Communities
  • Electric Mobility
  • Heat & Power
  • Community Climate Finance
SUBSCRIBE
DONATE
  • Canada
  • Fossil Fuels
  • Ending Emissions
  • Cities & Communities
  • Electric Mobility
  • Heat & Power
  • Community Climate Finance
SUBSCRIBE
DONATE
No Result
View All Result
The Energy Mix
No Result
View All Result
  • Canada
  • Fossil Fuels
  • Ending Emissions
  • Cities & Communities
  • Electric Mobility
  • Heat & Power
  • Community Climate Finance
  FEATURED
‘Huge Loss’ for Local Green Economy as Vancouver Shutters Its Economic Commission September 28, 2023
Leading Climate Models Underestimate Clean Energy Progress, Overstate Cost, Study Finds September 28, 2023
Green Space Groups Gear for Bigger Fights After Ontario Reverses Greenbelt Land Grab September 28, 2023
Put Lower-Income Households First in Line for Low-Carbon Technologies: Samson September 28, 2023
Fossil Fuels Fall 25% by 2030, Renewables ‘Keep the Path Open’ in IEA Net-Zero Update September 26, 2023
Next
Prev

Bankrupt California Utility Will Still Honour $42 Billion in Solar, Wind Contracts

August 23, 2019
Reading time: 2 minutes

Tony Webster/Wikimedi Commons

Tony Webster/Wikimedi Commons

1
SHARES
 

There were sighs of relief in California earlier this month, after utility giant Pacific Gas & Electric confirmed it will honour all its contracts with renewable energy providers as it goes through bankruptcy reorganization.

PG&E did negotiate 10% discounts on five new projects, in exchange for assurances that they’ll go forward. “It remains to be seen whether PG&E can shake some more loose change out of its other contracts, or if all the other developers will get to keep them intact,” Greentech Media reports.

  • The climate news you need. Subscribe now to our engaging new weekly digest.
  • You’ll receive exclusive, never-before-seen-content, distilled and delivered to your inbox every weekend.
  • The Weekender: Succinct, solutions-focused, and designed with the discerning reader in mind.
Subscribe

But that was not by any means the biggest question when PG&E declared insolvency.

“Whether or not legacy power contracts would survive has been a hot topic within power industry circles since the utility’s role in deadly wildfires sent the company into bankruptcy,” Greentech notes. “PG&E has committed to power contracts totalling US$42 billion, most of which come from renewable power plants. Early deals with wind and solar developers now carry a significant premium compared to today’s market, so backing out of the contracts held the potential to save PG&E billions of dollars.”

But breaking those agreements would have sent “a shockwave through the renewables industry, particularly affecting the renewable energy units of Consolidated Edison, Berkshire Hathaway, and NextEra Energy, but also threatening California’s legislative mandate to decarbonize the electric grid,” Greentech adds.

That risk was apparently ruled out in an August 6 court filing. “The new debtor’s plan would see PG&E raise money from existing shareholders and securitized bonds to pay out wildfire victims, creditors, and obligations to employees, while standing behind its power-purchase agreements, all apparently without raising electricity rates for customers,” Greentech writes, citing a report by Standard & Poors.

“We want to be clear, we will not propose to reject these agreements as part of our plan of reorganization,” PG&E spokesperson Lynsey Paulo told S&P.



in Community Climate Finance, Drought & Wildfires, Ending Emissions, Heat & Power, Legal & Regulatory, Solar, Sub-National Governments, United States, Wind

The latest climate news and analysis, direct to your inbox

Subscribe

Related Posts

Iota 9/Wikimedia Commons
Cities & Communities

‘Huge Loss’ for Local Green Economy as Vancouver Shutters Its Economic Commission

September 28, 2023
1
Solarimo/pixabay
Ending Emissions

Leading Climate Models Underestimate Clean Energy Progress, Overstate Cost, Study Finds

September 28, 2023
2
Duffins Agriculture Preserve/North Country House Media via Greenbelt Foundation
Ontario

Green Space Groups Gear for Bigger Fights After Ontario Reverses Greenbelt Land Grab

September 28, 2023
151

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

Trending Stories

Cullen328/wikimedia commons

Manufactured Housing Could Dent the Affordable Housing Crunch with Energy-Efficient Designs

September 20, 2023
622
Mark Dixon/wikimedia commons

Hundreds of Thousands March in Global Climate Strike

September 19, 2023
211
Jon Sullivan/flickr

Thorold Gas Peaker Plant Won’t Be Built After Unanimous City Council Vote

September 21, 2023
749
Jason Blackeye/Unsplash

Fossil Fuels Fall 25% by 2030, Renewables ‘Keep the Path Open’ in IEA Net-Zero Update

September 28, 2023
403
/Piqusels

‘Beginning of the End’ for Oil and Gas as IEA Predicts Pre-2030 Peak

September 19, 2023
845
Duffins Agriculture Preserve/North Country House Media via Greenbelt Foundation

Green Space Groups Gear for Bigger Fights After Ontario Reverses Greenbelt Land Grab

September 28, 2023
151

Recent Posts

Iota 9/Wikimedia Commons

‘Huge Loss’ for Local Green Economy as Vancouver Shutters Its Economic Commission

September 28, 2023
1
Solarimo/pixabay

Leading Climate Models Underestimate Clean Energy Progress, Overstate Cost, Study Finds

September 28, 2023
2
DiscoverEganville/wikimedia commons

EV Rentals to Improve Transportation Access for Ontario Townships

September 28, 2023
1
shopblocks/flickr

E-Bikes, Scooters Overwhelm Toronto Bike Lanes

September 28, 2023
2
kelly8843496 / Pixabay

Put Lower-Income Households First in Line for Low-Carbon Technologies: Samson

September 28, 2023
2
Power lines, Mississauga, Canada

Two First Nations Groups Vie to Build Northern Ontario Power Line

September 28, 2023
111
Next Post
Andrew Scheer/Flickr

Leach: ‘Cloaked in Mystery, Choked with Irony,’ Scheer Climate Plan Walks Away from Paris Promise

The Energy Mix - The climate news you need

Copyright 2023 © Energy Mix Productions Inc. All rights reserved.

  • About
  • Contact
  • Privacy Policy and Copyright
  • Cookie Policy

Proudly partnering with…

scf_withtagline
The Energy Mix - Energy Central
No Result
View All Result
  • Canada
  • Fossil Fuels
  • Ending Emissions
  • Cities & Communities
  • Electric Mobility
  • Heat & Power
  • Community Climate Finance

Copyright 2022 © Smarter Shift Inc. and Energy Mix Productions Inc. All rights reserved.

Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behaviour or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage vendors Read more about these purposes
View preferences
{title} {title} {title}