San Fran Wants PG&E Out
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- Sep 17, 2019 5:45 pm GMTSep 17, 2019 5:45 pm GMT
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Last week, the city of San Francisco made a long awaited bid to take over part of the area’s grid from the utility that currently controls it, the embattled Pacific Gas & Electric. To date, SF has offered $2.5 billion for the PG&E assets. The move has been rumored for sometime now and upon announcing it, City Attorney Dennis Herrera explained the rationale, saying: "There has been a lack of investment in infrastructure over the course of the last decade by PG&E, and that is, and was, motivated primarily by pursuit of profit. That's not something that San Francisco is going to be pursuing. We're not interested in profit. We're interested in providing safe affordable power to ratepayers rather than trying to make sure that stockholders are getting some great rate of return on their investment."
PG&E, however, didn’t seem thrilled by the offer, at least publically, responding: "We all agree on the importance of continuing to serve the citizens of San Francisco with safe, clean, affordable and reliable energy," "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."
San Francisco isn’t alone in their desire to take over the privately owned grid. Over the past year, a number of cities have made similar noise. New York Mayor and presidential hopeful Bill De Blasio recently announced that the City may have to consider taking over control of the grid to boost its reliability after an outage over the summer, and Boulder, Colorado has been in talks with Xcel for sometime now to possibly buy them out.