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Sept 28 (Reuters) — PG&E Corp said on Wednesday it has filed an application with the California Public Utilities Commission (CPUC) for the separation of its non-nuclear generation assets into a standalone utility subsidiary.
The utility’s application also sought the potential sale of a minority ownership stake in the newly-formed unit to one or more investors, PG&E said in a filing.
The company said it is seeking regulatory approval to sell an ownership stake of up to 49.9% in the new non-nuclear generation unit called Pacific Generation Llc and expects to launch minority sale process in first-quarter 2023.
pg slot online&E is expected to file an application with the Federal Energy Regulatory Commission (FERC) in October and expects the deal to close by end of next year.
The power company has been blamed for sparking numerous wildfires, including some of the state’s most deadly and destructive.
PG&E filed for Chapter 11 bankruptcy protection in 2019, citing potential liabilities exceeding of tens of billions from major wildfires sparked by its equipment in 2017 and 2018.(Reporting by Arunima Kumar in Bengaluru; Editing by Shailesh Kuber)
