Media Statement from AECA, CMTA, and WAPA on PG&E Bankruptcy Development
“As Governor Newsom reviews competing plans to get PG&E out of bankruptcy, we call on him to ensure that California ratepayers are protected,” said Western Agricultural Processors Association President and CEO, Roger Isom.
“We commend the parties involved for working with wildfire victims to ensure they receive fair compensation for PG&E’s prior wrongdoings,” said California Manufacturers & Technology Association President Lance Hastings. “To that end, we must hold PG&E accountable and also ensure that PG&E pays its obligations without further burdening ratepayers who already pay more than 50 percent more than the national average and are receiving unreliable service.”
In that regard, PG&E’s plan still causes significant concern. It would leave the company in a worse financial situation, $10 billion dollars deeper in debt than before the bankruptcy. It would be irresponsible for PG&E to emerge from bankruptcy over-leveraged and making hundreds of millions of dollars in annual payments to PG&E’s owners who prioritized profits over safety and got us into this mess. “Governor Newsom should take this opportunity to hold PG&E accountable and make good on their commitments to pay victims,” said Michael Boccadoro, Executive Director of the Agricultural Energy Consumers Association.
“The Governor and bankruptcy court should consider alternative approaches to ensure that PG&E emerges from bankruptcy as a well-capitalized and stable utility that is not turning to ratepayers for another bailout,” Boccadoro said.