PG&E Investors’ Rift With Creditors Spills Into Sacramento

08.22.19

Bloomberg

The measure would permit the issuance of as much as $20 billion in tax-free, state bonds, borrowed against the company’s future profits, according to the text of a measure submitted to the California Senate. Chief Executive Officer Bill Johnson met with key lawmakers Wednesday in Sacramento to make the company’s pitch. […] 

In April, PG&E proposed increasing its rate of return to 16% in 2020 from 10.25%, which it said at the time reflected “wildfire-related challenges” the utility was facing. After California enacted its new wildfire legislation in July, the utility reduced its request to 12%.

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