Posted on 01/30/2019 9:05:06 AM PST by rktman
Pacific Gas and Electric (PG&E) may shed more than $40 billion worth of power purchase agreements after the California utility was driven into bankruptcy by liabilities for sparking deadly wildfires, The Wall Street Journal reports.
PG&E wants the U.S. Bankruptcy Court in San Francisco to rule whether the company must honor $42 billion worth of contracts with about 350 different energy suppliers, mostly solar and wind plants.
The court’s decision could have a major impact on California’s renewable energy industry and power makeup. Many green energy suppliers only do business with PG&E, California’s largest utility. Shedding those contracts would likely drive those companies under and cripple California’s ability to meet energy goals set by the state government.
“A lot of companies are in that position, where PG&E is responsible for 100% of their revenues,” Credit Benchmark lead researcher David Carruthers told WSJ.
(Excerpt) Read more at dailycaller.com ...
Now we have a solid reference for the failure of the concept of "renewable energy".
When the host dies, the parasites die.
(Of course, a leftist bankruptcy judge will step in to manage these contracts.)
42 billion in wind and solar energy? That sounds impossible to me. 42 billion worth of electricity is generated by wind and solar? That would be enough electricity to power about 50,000,000 homes year round according to my calculations. Where is that money really going?
This is all very ironic.
So, now in bankruptcy court, where you can shed contracts that don’t work, PG&E wants to shed all those very expensive contracts for alternative energy to remain viable.
Three choices:
1. Let PG&E reorganize and get rid of these overpriced, green contracts (mostly with California insiders), set up a fund for the fire liability, and provide electricity competitively priced, or
2. Pass through the exorbitant costs to the users, so they will have the most expensive energy in the country (but it will be green! kind of), or
3. Turn off the lights, the party is over - literally.
Wonder who wins?
(Damn, 4th choice - Federal Bailout! Nah, not with Trump in office.)
“Where is that money really going?”
I’ll take Campaign donations and no show jobs for $1,000 Alex.
L
For how many years?
So there is a silver lining in this tragedy. But blaming utilities for fires caused by trees falling on their lines and transformers blowing up when the lines are shorted by something like this seems outrageous on its face.
Probably not the power but the money made from scamming folks into buying in to it.
Solar and wind energy suppliers to go bankrupt next..............
Tax payers on the hook for costs of solar and wind companies going bankrupt next.
I predict that the State of California will take over PG&E. Won’t improve reliability nor reduce costs. What I want to know is if the law holding PG&E liable for damages from wild fires, even if they were not negligent, will be applied to the new public power entity. Now that will be interesting.
For 10 years actually or 500,000,000 households for 1 year. If you allow for 100 per month per household give or take. Sounds kind of high.
I like it.
—that oughta catch some of the proposed Nevada breeze and shine projects-—
-—btw, I’ve been wondering how the bird-killer at Ivanpah is doing —last I heard it was only working at “25-50%” because the sun wan’t shining enough and was having to get a California natural gas burning permit to keep the fluids hot at night——
Wonder what the judge will do with all that FEMA disaster relief funding they have in their “foundation”? Or, did that get transferred to the Obama Foundation already?
My math is wrong 50,000,000 households for a year but you get the idea.
Oh, there is a big push over on the east side of the Sierras to crank up the solar and wind investments. The fidiots passed one initiative last Nov but it must pass again in the next cycle to be implemented into the state constitution. Greed (sic) energy in the constitution? WTH?
“Good!
Now we have a solid reference for the failure of the concept of “renewable energy”. “
First of all, it could never work as other than a supplement for REAL energy - coal, oil, NG or nuclear - simply because those things work whether the sun is shining and the wind is blowing, or not. You ALWAYS have to have a full back up for renewable energy, and thus you are building twice the infrastructure. Not very smart, economically speaking.
WRT Cali and its policies: Like so many other Communists, the legislature and governor of California seem to believe that they can change human nature and the laws of science and economics with the stroke of a pen. Well, here’s some news for you guys, gals and transformers: you can’t, no matter how hard you wish for it and no matter how much of a horse’s ass you make of yourselves giving some speeches or attending some protests to show your ideological purity.
Though common sense and science have, once again, won out, the tragedy here is that an entire state with well over 30 million souls has and will have to bear the costs of this sheer idiocy combined with naked dictatorial fantasy. Yes, a lot of the voters asked for this...but a lot of them didn’t and, in fact, strenously opposed it. That’s why there’s the phrase, “Rope. Tree. Politicians. Some assembly required.”
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