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Proposed local takeover of PG&E wins more followers

Dec. 05, 2019 5:20 PM ETPG&E Corporation (PCG) StockPCGBy: Carl Surran, SA News Editor69 Comments
  • More than 110 Northern California city and county officials are now proposing to turn utility giant PG&E (NYSE:PCG) into a customer-owned cooperative.
  • The coalition led by the city of San Jose includes officials from 58 cities and 10 counties who represent more than 8M residents, according to San Jose's Mayor Liccardo.
  • San Francisco has been trying to buy PG&E's equipment within its city limits for $2.5B, but backers of the co-op proposal are taking a different approach, saying they want to keep the company's service territory intact so that residents of rural, fire-prone areas do not face a steep increase in costs.

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