PG&E Can't Evade FERC Review To Ditch Deals In Ch. 11

Law360 (January 25, 2019, 10:22 PM EST) -- The Federal Energy Regulatory Commission said late Friday that Pacific Gas and Electric Co. must get its blessing before shedding any wholesale power purchase agreements if it files for bankruptcy, adding a major wrinkle to a Chapter 11 filing that may be made within days.

Acting on a Jan. 18 petition lodged by NextEra Energy Inc., which has PPAs with PG&E for eight of its wind and solar projects, FERC said it has concurrent jurisdiction with bankruptcy courts to deal with any wholesale power contracts the company sought to reject in bankruptcy. NextEra had pressed FERC to weigh in by Friday, noting...

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