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PG&E Bankruptcy Undermines EPA Billionaires Club's Green Agenda

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Did forced focus on green energy lead to California's devastating wildfires?

As PG&E files for Chapter 11 protection, environmental activists are worried their pool of green energy money is going to dry up.

It's not just business. The state's environmental and climate goals are at stake," said John White, executive director of the Center for Energy Efficiency and Renewable Technologies, a non-profit group in Sacramento.

"How are we going to finance all of the clean energy initiatives we need?"
via legalinsurrection.com

In stacks of court documents, PG&E asked a bankruptcy court to allow it to potentially cancel up to $42 billion in contracts that it signed over the past 15 years to buy electricity from other companies. Seventy-seven percent of those 387 contracts, or 298, commit PG&E to purchase solar, wind or other renewable energy to meet California's environmental goals, according to its bankruptcy filing.

And many of the deals — known as "power purchase agreements" — were made when clean energy was much more expensive and locked PG&E into agreements for 15- to 20-year periods.

The deals helped finance construction of large solar and wind farms across the state.

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