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Threat to PG&E Renewable PPAs Affects US DOE Loans
Renewable Energy World: The fallout from California power giant PG&E Corp.’s looming bankruptcy has been both sudden and widespread: Its electricity suppliers have seen their debt cut to junk. Banks are facing liabilities as buyers of last resort for more than $760 million of bonds the utility issued through California. And the rest of the state’s utilities have tumbled.
Now the U.S. government has become entangled in PG&E’s financial crisis -- brought on by deadly wildfires that tore through California in 2017 and 2018, saddling the company with an estimated $30 billion in liabilities.
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