CPUC Headquarters in San Francisco (Stock Photo)
State regulators are clearing Pacific Gas and Electric to receive a large loan to pay for operations during its Chapter 11 bankruptcy. The California Public Utilities Commission in San Francisco faced a storm of criticism yesterday after voting to allow the utility company to borrow six-billion-dollars it has lined up in bank loans.
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PG&E filed for bankruptcy protection early this morning to enable it to continue operating while resolving a potential liability of up to 30-billion for Northern California wildfires. Protesters at the meeting called for the commission to instead begin the process of instituting a state public power alternative. CPUC says it was the only way to ensure safe and reliable gas and electric service will continue to flow to homes and businesses.