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Judge Approves PG&E Bankruptcy Exit

June 22, 2020

The post Judge Approves PG&E Bankruptcy Exit appeared first on POWER Magazine.

A federal judge in California has approved Pacific Gas & Electric’s plan to exit bankruptcy, clearing the way for the utility to compensate victims of a series of wildfires in the state that left more than 100 people dead in 2017 and 2018.

The action by U.S. Bankruptcy Judge Dennis Montali on June 20 authorized $ 13.5 billion in compensation for more than 70,000 businesses and homeowners for losses sustained during the fires, which officials said were started by PG&E’s equipment. The company will emerge from bankruptcy with about $ 40 billion in debt, after agreeing to settle claims from people, insurers, and local government agencies for $ 25.5 billion.

Montali’s approval also will allow PG&E to take part in a $ 20 billion state fund established by lawmakers, designed to help utilities operating in the state cover liabilities from future wildfires attributed to their transmission lines and other equipment. …

Judge: Court Will Consider Rival Proposal for PG&E Reorganization

October 12, 2019

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The post Judge: Court Will Consider Rival Proposal for PG&E Reorganization appeared first on POWER Magazine.

A federal bankruptcy judge on Oct. 9 ruled that Pacific Gas & Electric (PG&E), California’s largest utility, does not have the sole right to determine the terms of its reorganization. Judge Dennis Montali said those who support a rival proposal, which was devised by a group of the utility’s creditors, can have their plan considered.

The decision could have major consequences for the utility’s customers. PG&E filed for bankruptcy protection in January, with the company saying it faced $ 30 billion or more in liabilities related to wildfires in California that caused massive property damage and left dozens dead.

Montali ruled that the court can look at a reorganization plan created by a group of PG&E creditors that includes prominent hedge funds. The plan also is backed by individuals who have claims against the utility for wildfire damage.

Montali’s ruling Wednesday came after a court hearing on Monday in San Francisco.…

PG&E Asks Bankruptcy Judge to Back Restructured Power Deals

August 2, 2019

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California utility Pacific Gas & Electric (PG&E) has asked the judge overseeing its bankruptcy case to support restructured deals with some of the utility’s power suppliers in an effort to reduce the price PG&E pays for those companies’ electricity.

The fate of $ 42 billion worth of long-term power purchase agreements (PPAs) is a key component of PG&E’s bankruptcy and is being closely watched by the power industry, which relies on long-term power contracts to attract financing.

PG&E’s court filing comes just weeks after California Gov. Gavin Newsom signed into law a measure to create a $ 21 billion state wildfire fund, designed to help the state’s three investor-owned utilities pay for damages resulting from wildfires in the state.

Allan Marks, a partner in the Los Angeles office of global law firm Milbank LLP, working in Milbank’s Project, Energy and Infrastructure Finance practice, told POWER, “In general, [the wildfire fund] is designed to provide liquidity if utilities aren’t able to handle wildfire claims without becoming insolvent.”…

Judge: TVA Deal for Bellefonte Nuclear Plant Stays in Place

May 17, 2019

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A federal judge this week ruled the Tennessee Valley Authority (TVA) must continue to honor an agreement to sell the unfinished Bellefonte Nuclear Power Plant to a real estate developer who has said he would complete construction of the long-idled project.

U.S. District Court Judge Liles C. Burke, in a 17-page opinion issued after a hearing this week in Huntsville, Alabama, declined to dismiss a lawsuit brought by developer Franklin Haney, who sued TVA in November 2018 for breach of contract after TVA said it could not complete the sale of the Bellefonte site and its assets to Haney’s Nuclear Development LLC.

Haney in 2016 was the winning bidder in an auction for Bellefonte, agreeing to pay $ 111 million for the twin-reactor nuclear plant. He sued TVA last year after the federally owned utility said it needed approval from the Nuclear Regulatory Commission (NRC) to authorize the sale.

TVA at the 2016 auction said the winning bidder would have two years to complete the purchase.…

Judge Rules TVA Must Move Gallatin Coal Ash

August 5, 2017

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A federal judge on August 4 said the Tennessee Valley Authority (TVA) must dig up coal ash at one of its power plants and move it to a lined waste site. The order came in a suit filed by the Tennessee Scenic Rivers Association (TSRA) and the Tennessee Clean Water Network (TCWN), who said coal ash stored at the TVA’s Gallatin Fossil Plant has been polluting the nearby Cumberland River for decades in violation of the Clean Water Act.

U.S. District Judge Waverly Crenshaw in Nashville, Tenn., said that although there is little evidence thus far that seeping coal ash has polluted the river, uncertainty about future pollution and its possible danger will continue to create conflicts, and moving the ash is the best way to resolve an “untenable situation that has gone for far too long.” The Southern Environmental Law Center in 2014 announced its intention to represent the two environmental groups in the suit.

The case involves a coal ash pit at Gallatin that was closed in 1970, but where the coal ash ponds remain in use.…

Judge Orders Release of EPA Nominee Scott Pruitt’s Emails with Industry

February 17, 2017

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A state court ordered Oklahoma Attorney General Scott Pruitt to turn over more than 2,500 emails his office withheld from open records requests relating to communications with coal, oil, and gas corporations. The order came a day before the Senate is poised to confirm him as President Donald Trump’s nominee to lead the Environmental Protection Agency (EPA).

The Senate is set to vote on Pruitt’s confirmation at 12:30 p.m. on Friday, February 27. It is unclear if the order by Oklahoma District Court Judge Aletia Haynes Timmons late on Thursday afternoon will delay the vote.

Judge Timmons gave Pruitt’s office until Tuesday, February 21 to turn over the emails it withheld from the Center for Media and Democracy’s (CMD’s) January 2015 records request. The judge also gave Pruitt’s office just 10 days to turn over an undetermined number of documents that relate to five additional open records requests filed between November 2015 and August 2016.

According to the CMD, on February 10, Pruitt’s office “finally responded” to the oldest of the watchdog organization’s nine outstanding Open Records Act requests, but it provided just 411 of the more than 3,000 emails they had located.…