Bankruptcy

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California utility Pacific Gas & Electric’s bankruptcy points to a crisis not only at the company, but in the business model for utilities in the United States. And it is far from clear what will come next.

A district court has ruled that the bankruptcy court will be where the decisions are made as to what happens to power contracts, ending a push by developers to give FERC a greater say.

Seven community choice aggregators have asked California regulators to take PG&E out of the business of supplying electricity to its customers, and allow them and/or other public entities to take over the retail business so PG&E can focus on safe electricity transmission and distribution.

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While acknowledging that the law is “unsettled,” FERC has said that it and the bankruptcy courts have concurrent jurisdiction over power contracts, as other generators holding PG&E contracts join the fray.

PG&E has filed a response to NextEra’s request to protect its power purchase agreements, by arguing that no harm has yet occurred, FERC doesn’t have jurisdiction, and that ongoing case law referenced by NextEra is not applicable.

The developer has filed at FERC to proactively stop any changes to its contracts, but the bankruptcy court will have the final say. The move comes as PG&E reports receiving $5.5 billion to keep it afloat during its bankruptcy.