San Francisco Offers To Buy PG&E's Electrical Grid For $2.5 Bln

(RTTNews) - San Francisco has offered to buy PG&E's electrical grid in the city for $2.5 billion.

San Francisco has been considering a purchase since the utility filed for Chapter 11 bankruptcy in January as it faced mounting liability for wildfires sparked by its equipment.

However, PG&E said that selling the assets to the city wouldn't be "in the best interests of our customers and stakeholders." The company is, meanwhile, due to file a restructuring plan in bankruptcy court by Monday.

"PG&E has been a part of San Francisco since the company's founding more than a century ago, and while we don't believe municipalization is in the best interests of our customers and stakeholders, we are committed to working with the City and will remain open to communication on this issue," PG&E said in a statement.