Pacific Gas & Electric Files For Bankruptcy In Anticipation Of Billions Of Dollars In Lawsuits Over Wildfires Caused By It’s Equipment

I’ll give you one  guess where they are going to get the money for all of that.

PG&E files for bankruptcy in anticipation of huge wildfire claims

TUESDAY, JANUARY 29, 2019, 1:10 AM PT

California’s largest power company filed for bankruptcy protection for the second time in two decades on Tuesday, starting an unpredictable process that could take years to resolve and is likely to result in higher rates for the millions of Californians who buy electricity from Pacific Gas & Electric.

PG&E Corp. says a Chapter 11 bankruptcy filing, which will allow the company to continue operating while it comes up with a plan to reorganize its debts, is the only way to deal with billions of dollars in potential liabilities from a series of deadly wildfires, many of which were sparked by the company’s equipment.

It isn’t just California that is going to be paying out the nose for this by any stretch of the imagination.

Let me show you where PG&E gets a whole bunch of the electricity they send to California,

nwd-cbasindams

Ya see that string of red dots there in the middle?

Most of those are hydroelectric dams. Big ones.

The Corps of Engineers own and operate the dams.

dam

Then there are these starting about 65 miles East of Portland, on both sides of the Columbia River Gorge.

20423457728_2e880e8f5f_b

Washington, Oregon and California sell electricity back and forth to each other.

 

This is from an article clear back in 2008,

It’s a pretty interesting read, mostly about wind power but it has a lot of information that helps to understand how electricity is shared on the West Coast.

This is a small snippet that is useful for my purposes here.

 

California and the Northwest have traded electricity for decades. California imports hydropower in the summer; Oregon and Washington take deliveries from California generators in cold winter months.

Wind power is more one-sided: California buys the Northwest’s wind, but not the reverse.

It is a really tangled web to try and unravel , who is buying and selling to who on the West Coast.

All 3 West Coast states have mandates saying that a certain percentage of the electricity they sell has to come from “Renewable Energy Sources”.

That includes hydroelectric, wind, solar, biomass and thermal energy.

Californians are used to paying more for their electricity than Oregonians and Washingtonians do because there are quite a few dams all along the Columbia and the electricity is generated virtually right next door compared to transmitting it clear to California.

There are huge, high tension power lines all over the place around here and some take off and go straight to California.

So PG&E is going to restructure in a Chapter 11 bankruptcy, which means they can continue doing business while all these lawsuits are pending. That means they know they are going to take it right up the ass in the long run.

Since there isn’t any other entity available to replace them, when it is all said and done, they are going to jack up the price of electricity for their customers to cover their costs and will be playing hard ball when it comes to bidding on out of state juice.

If they can buy it cheaper than they can make it  at California prices and buy a whole bunch of it then whoever else could have gotten it at a cheaper price is going to see their rates go up too because of the bidding wars that creates.

There is only so much power generation available to satisfy demand.

In other words, the laws of supply and demand are going to be on display for all to see. Every time you open up your electrical bill.

The best part hasn’t even been mentioned yet.

PG&E is going to have to upgrade some of their equipment obviously so these wild fires don’t happen again. We aren’t talking Chump Change here either.

Notice they haven’t bothered to say anything about that.

Yet…

 

 

 

 

7 thoughts on “Pacific Gas & Electric Files For Bankruptcy In Anticipation Of Billions Of Dollars In Lawsuits Over Wildfires Caused By It’s Equipment

  1. You missed the one entity that may be able to take over PG&E.
    The State of California.
    Just think of the power that could be had be the scumbag democrats if they control virtually all energy sources on the west coast.
    Washington and Oregon would soon follow.
    If you think it is a far fetched idea, peruse this little gem from your opposite alternate universe here on the Atlantic coast.

    https://www.pressherald.com/2019/01/28/proposal-envisions-replacing-cmp-emera-maine-with-a-consumer-owned-utility/

    Liked by 1 person

      • This whole fiasco was started because there were a few people in remote locations that were without power for a few days.
        The SAME people that had the vapors when CMP and Emera Maine came in with equipment to trim the trees back so that the power wouldn’t go out.
        Stupid fucking liberals that moved here from Massachusetts……

        Like

  2. I see an Enron redux in Cali’s future.
    I’m surprised that the Maine plan makes no mention of taking over power generation to create an end to end state monopoly.
    Can’t wait to see the little peoples rates after takeover by a .gov authority, not to mention the potential abuse of authority for a person who might voice dissent on whatever issue of the day in the future. “Oh, you don’t like your Constitutional Rights being infringed? NO ELECTRICITY FOR YOU!!!”

    Like

  3. Yuppers. Just one more reason why we bailed from Kali to Texas. Lots of energy companies to choose from. Our current plan is a flat rate $49 (prorated) for the first 1000 Kwh, $9 (also prorated) for each additional 1000 Kwh. This is just for the electricity. Delivery (a separate company) and taxes add about $30 to each 1000 Kwh.

    We replaced the windows and the HVAC system in the fixer-upper house we bought. Last summer, our highest billing cycle was right at 2000 Kwh.

    Like

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