PG&E’s Updated Bankruptcy Plan ‘Honors Clean Energy Commitments’

(Credit: PG&E)

PG&E has filed an updated version of its restructuring plan and says it is on track to have its Chapter 11 plan confirmed by June 30, the deadline for participating in the states new go-forward wildfire fund. The company says that, upon emergence from Chapter 11, it will be a “financially stable company positioned to continue prioritizing safe operations and customer focus while meeting California’s energy needs and clean energy goals in a changed climate.”

The updated plan strengthens the company’s clean energy and climate commitments, according to the Natural Resources Defense Council.

“From an environmental perspective, the PG&E reorganization plan goes well beyond earlier commitments to honor the company’s contracts to purchase electricity from renewable energy providers, which represent a necessary but not sufficient condition for sustained environmental progress throughout (and well beyond) the utility’s Florida-sized service territory,” wrote Ralph Cavanagh on the NRDC blog.

PG&E says that under its new plan, the board and management team will be focused on providing the “safe, reliable, and clean energy our customers expect and deserve.”