California Rejects PG&E Bid for Minority Sale Amid KKR Talks [BNN Bloomberg (Canada)]
Pacific Gas & Electric Co. (PCG)
Last pacific gas & electric co. earnings: 5/1 08:21 am
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Source: BNN Bloomberg
PG&E said last week that it was in talks to sell the the stake in its hydroelectric, natural gas, solar and battery storage facilities to investment firm KKR & Co. The company said the transaction would reduce customer rates by $100 million over the next 20 years and improve its credit profile. PG&E has also said that the funds from a sale would help make a payment to a trust fund dedicated to paying back recovery bonds issued to cover wildfire losses. The California Public Utilities Commission voted against the proposal for a spin off and sale on Thursday, saying in its decision that PG&E hadn't shown how the move would be a superior alternative for raising capital. PG&E didn't specify the potential KKR deal in its proposal. The rejection comes as PG&E plans to invest $62 billion from 2024 through 2028 to support its wildfire prevention work and grid upgrades. The company has come under mounting scrutiny for raising customer bills to finance its work, which includes efforts to r
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- Why your electricity bill might go up as early as next year [Los Angeles Times (CA)]Los Angeles Times
PCG
Earnings
- 4/25/24 - Beat
PCG
Sec Filings
- 5/7/24 - Form 4
- 5/1/24 - Form 4
- 4/30/24 - Form 144
- PCG's page on the SEC website