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California Rejects PG&E Bid for Minority Sale Amid KKR Talks

Mark Chediak
·2 min de lectura

(Bloomberg) -- California regulators rejected PG&E Corp.’s proposal to spin off and sell a minority stake of its power generation business to raise funds for its operations.

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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.

ANUNCIO

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.

PG&E shares pared some earlier gains Thursday, closing up .3% to $17.90.

PG&E said in a statement it was disappointed by the decision. “We continue to believe it would provide a path to lower rates and support the state’s clean energy goal,” spokesman Paul Moreno said.

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 reduce the risk of its lines sparking another catastrophic wildfire. PG&E was driven into bankruptcy in 2019 after its broken equipment set off a number of fires, including the deadliest in state.

--With assistance from Olivia Raimonde.

(Updates with share price in fourth paragraph, PG&E statement in fifth paragraph.)

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