The San Francisco-based utility owner is planning to send the notice to fulfill a state law that requires the company to alert workers at least 15 days before a change of control, said the people, asking not to be identified because the information isn’t public. The notice wouldn’t necessarily make a bankruptcy filing certain and the company could still decide not to if its situation changes, one of the people said.
PG&E’s deepening financial crisis has already spread to the companies that supply its natural gas and generate electricity for its customers. At least two small gas suppliers have restricted sales to PG&E out of concern that the company won’t be able to pay, people with direct knowledge of the situation said earlier this week. Some banks are taking a long look at a potential $2 billion debt financing for the Geysers, the world’s largest geothermal complex, because it supplies the utility, people familiar with the matter also said this week.
On Thursday, S&P Global Ratings cut the credit rating of Berkshire Hathaway Energy’s 550-megawatt Topaz Solar Farms to junk, noting that the plant counts on PG&E for all of its revenue.
Regarding the last two paragraphs, RIP my CWEN holding as their major counter party is PCG (and PEGI also sells a small amount of power to PCG as well). They stated their power contracts include bankruptcy protections, but if PCG can't pay for the power, then I'm not sure how CWEN will get their revenue.
Submitted January 13, 2019 at 12:29AM by COMPUTER1313 http://bit.ly/2TG7Uim
