Jan
29
PG&E Had Rescue Options. Here’s Why It Chose Bankruptcy Instead
By-
Utility giant’s assets top liabilities, but big costs loom
- Financing packages seen unlikely to address long-term issues
PG&E Corp.’s descent into bankruptcy came even though the company isn’t broke.
Its Pacific Gas & Electric utility serves 16 million people — more than 40 percent of California’s population — and pulls in $17 billion in revenue per year. The steady flow of monthly customer payments, plus a regulated rate of return on its power lines and poles, gives PG&E the kind of stable, predictable income many businesses can only envy. It has about $240 million in cash on hand, though that number has been quickly falling…
PG&E Had Rescue Options. Here’s Why It Chose Bankruptcy Instead
