On Thursday, the California Public Utilities Commission (CPUC) denied an Application by PG&E to transfer substantially all (5.6 gigawatts combined) of its non-nuclear generation assets to a “Pacific Generation LLC,” a subsidiary of PG&E. PG&E intended to sell up to 49.9% of equity interest, worth an estimated $3.5 billion, to third-party investors to raise capital. This transaction would have conveyed real property interests with where these hydroelectric, natural gas, solar and battery storage facilities are located. Ultimately, the CPUC found that PG&E did not provide meaningful evidence to justify the unprecedented nature of the proposed transaction and concluded that PG&E’s Application is not in the public’s interest because it would have resulted in additional costs (i.e. rate increases), decreased legal accountability for PG&E, and would increase administrative burdens. For more information, see here, or contact RCRC Policy Advocate Leigh Kammerich.
