PG&E Outlines Sweeping Changes

(RTTNews) - PG&E Corporation and Pacific Gas and Electric Company said it submitted regulatory and court filings outlining the key elements of the company's updated Chapter 11 Plan of Reorganization.

The company's plan includes newly expanded roles of Chief Risk Officer and Chief Safety Officer, who will both report directly to the company's chief executive officer.

The plan also include refreshing the Boards of Directors of the company; implementing a plan to regionalize the company's operations and its infrastructure.

PG&E submitted testimony in the California Public Utilities Commission (CPUC) Plan of Reorganization proceeding and filed its updated Plan with the Bankruptcy Court.

The company, which filed for Chapter 11 protection in January last year, said it remains on track to have its Chapter 11 Plan confirmed by June 30, 2020, the deadline for participating in the state's new go-forward wildfire fund.

PG&E believes its Plan meets both the letter and spirit of Assembly Bill (AB) 1054, including being rate neutral on average to customers. The Plan also addresses concerns California Governor Gavin Newsom raised.

In a public letter to the company on December 13, the California Governor had rejected an earlier PG&E reorganization plan saying it lacked major changes in governance and tougher safety enforcement mechanisms.