Californias largest utility company plans massive sale of natural gas division

January 9, 2019 by  
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Pacific Gas & Electric (PG&E), California ’s largest utility, is exploring the possibility of selling off a major part of the company, according to a new report. Thanks to the massive liability costs that they could be facing for their possible culpability in recent deadly wildfires, PG&E has a strategic plan called “Project Falcon” to cover costs and avoid bankruptcy. This plan would involve the company selling its natural gas division and then using the proceeds to pay the potential millions of dollars in claims from the wildfires . Anonymous sources recently told NPR that PG&E is also looking at selling critical real estate assets— like the company’s San Francisco headquarters. Last Friday the utility announced that they would explore “structural options” to put the company in the best possible position to meet customer needs and operational demands. They also revealed that they are searching for new directors for the board to “augment its existing expertise in safety.” “Safety is and will continue to be our top priority as we work to determine the best path forward for all of our stakeholders. PG&E remains fully committed to helping our customers and the affected communities recover and rebuild — and to doing everything we can to reduce the risk of future wildfires,” said spokesman Andy Castagnola in a written statement. Back in June, Cal Fire (California’s fire agency) determined that PG&E power equipment sparked at least a dozen major wildfires in 2017. And now, the agency is looking into whether or not the company sparked the November 2018 fire that ended up being the deadliest and most destructive one in the state’s history. Related: Thousands of animals have been displaced by California wildfires If Cal Fire determines that PG&E caused that fire , it could result in the company having to pay billions from legal action against them. Insurance companies Allstate, State Farm, and USAA have already filed lawsuits against the utility, and some equity analysts project that the damages from the recent wildfire could exceed PG&E’s market value and its insurance coverage. The California Public Utilities Commission would have to approve PG&E’s plan of selling their natural gas division. The regulatory agency has already expressed their concern about the utility’s inferior safety record, as well as their lack of transparency and past efforts to pass liability costs onto their customers. State Sen. Bill Dodd, who originally supported shielding PG&E from liability costs related to the 2017 fires, has now switched gears. “PG&E has demonstrated a pattern of poor management and illegal conduct that has shattered lives across California,” Dodd said in a statement. He also called for “systemic change, which must include change on the board of directors and in the executive suite.” Via NPR Images via skeeze

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Californias largest utility company plans massive sale of natural gas division

Detroit Becomes the Largest City to File for Bankruptcy in US history

July 19, 2013 by  
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Detroit , the heart of the American automobile industry and the country’s 18th most populous city, filed for the largest municipal bankruptcy in U.S. history yesterday. The city experienced a dramatic drop in population over the last few decades — from 1.8 million in 1950 to only 700,000 people today — and ended up $18 billion in debt. Although Detroit is one of several American cities to teeter near the edge of financial ruin in the last few years, it is the most populous city file for bankruptcy — twice the size of Stockton, California, which did the same in 2012. Read the rest of Detroit Becomes the Largest City to File for Bankruptcy in US history Permalink | Add to del.icio.us | digg Post tags: automotive industry , bankruptcy , chrysler , Detroit bankruptcy , Detroit financial trouble , Detroit news , Detroit Three , ford , general motors , US bankrupt cities , US economic crisis , US municipal bankruptcy        

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Detroit Becomes the Largest City to File for Bankruptcy in US history

Rumor Has it Fisker Automotive May File for Bankruptcy

April 3, 2013 by  
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Several news organizations are reporting that the U.S. government-backed electric vehicle company Fisker Karma is seeking counsel from a law firm that specializes in bankruptcy proceedings. Recipients of a $529 million loan from the Department of Energy, the company produces luxury electric vehicles popular with celebrities such as Leonardo Di Caprio and Justin Bieber . But ABC News , which is drawing comparisons between Fisker and solar manufacturer Solyndra that famously filed for bankruptcy in 2011, claims that while the firm has paid off its loan interest payments, it will struggle to meet a major principle payment due at the end of April. Read the rest of Rumor Has it Fisker Automotive May File for Bankruptcy Permalink | Add to del.icio.us | digg Post tags: bankruptcy , Department of Energy , electric vehicles , fisker , fisker karma , green cars , green transportation , justin bieber , News , obama administration , solar , solyndra

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Rumor Has it Fisker Automotive May File for Bankruptcy

Once the World’s Largest Solar Panel Manufacturer, Suntech Goes into Bankruptcy in China

March 22, 2013 by  
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Formerly the world’s largest manufacturer of solar panels , Suntech was pushed into bankruptcy yesterday after defaulting on $541 million in bond payments. The company was a powerful force in China’s renewable energy market; generating 2.4 gigawatts worth of solar modules in 2011 alone, Suntech employs around 10,000 people. But the company has faced a rapid decline as solar panel production in China increased tenfold over the past five years, causing prices to drop by as much as 75 percent. And that’s a small piece of a global problem in the industry—while year-on-year solar demand continues to grow , production capacity has far outstripped that demand, putting Suntech in the company of Solyndra , German Solar Millennium , and a number of other solar manufacturers in Europe and the US have been forced to cut back production, file for bankruptcy protection or shut down altogether. Read the rest of Once the World’s Largest Solar Panel Manufacturer, Suntech Goes into Bankruptcy in China Permalink | Add to del.icio.us | digg Post tags: chinese solar , energy subsidies , german solar , renewable energy , solar bankruptcy , solar industry , Solar market , solar millenium , solar panel , Solar Power , solar tariffs , solyndra , suntech

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Once the World’s Largest Solar Panel Manufacturer, Suntech Goes into Bankruptcy in China

Once the World’s Largest Solar Panel Manufacturer, Suntech Goes into Bankruptcy in China

March 22, 2013 by  
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Formerly the world’s largest manufacturer of solar panels , Suntech was pushed into bankruptcy yesterday after defaulting on $541 million in bond payments. The company was a powerful force in China’s renewable energy market; generating 2.4 gigawatts worth of solar modules in 2011 alone, Suntech employs around 10,000 people. But the company has faced a rapid decline as solar panel production in China increased tenfold over the past five years, causing prices to drop by as much as 75 percent. And that’s a small piece of a global problem in the industry—while year-on-year solar demand continues to grow , production capacity has far outstripped that demand, putting Suntech in the company of Solyndra , German Solar Millennium , and a number of other solar manufacturers in Europe and the US have been forced to cut back production, file for bankruptcy protection or shut down altogether. Read the rest of Once the World’s Largest Solar Panel Manufacturer, Suntech Goes into Bankruptcy in China Permalink | Add to del.icio.us | digg Post tags: chinese solar , energy subsidies , german solar , renewable energy , solar bankruptcy , solar industry , Solar market , solar millenium , solar panel , Solar Power , solar tariffs , solyndra , suntech

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Once the World’s Largest Solar Panel Manufacturer, Suntech Goes into Bankruptcy in China

PepsiCo’s Dan Bena: Connecting the Dots for Sustainability

November 1, 2011 by  
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The company’s senior director of sustainability talks about Pepsi’s global strategic parternships, its Performance with a Purpose model, and more.

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PepsiCo’s Dan Bena: Connecting the Dots for Sustainability

6 Ways to Fund Energy Efficiency Retrofits

November 1, 2011 by  
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Energy efficiency is one of the most popular first steps to take when addressing corporate energy footprints, for the simple reason that small investments can produce big results.

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6 Ways to Fund Energy Efficiency Retrofits

US-Funded Energy Storage Provider Beacon Power Files For Bankruptcy

October 31, 2011 by  
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Energy storage company Beacon Power, which received $56 million from the federal program since 2009, has filed for bankruptcy protection. The flywheel technology maker will maintain operations in its efforts to pay off creditors

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US-Funded Energy Storage Provider Beacon Power Files For Bankruptcy

Learning the Wrong Lessons from the Solyndra Bankruptcy

September 1, 2011 by  
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Learning the Wrong Lessons from the Solyndra Bankruptcy

SIGG’s US Bottle Distributor Files For Bankruptcy

July 14, 2011 by  
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We’re happy to see that many eco-conscious Americans have gotten used to toting around their own water containers instead of buying disposable water bottles . Many consumers thought they were lightening their carbon footprint by buying SIGG brand aluminum bottles , but then the company revealed that its “green” aluminum bottles did in fact include Bisphenol-A (BPA) in both their linings and exterior – a chemical that can cause obesity, neurological issues, and other harmful side effects. After consumer outrage, thousands of returns, and broken business partnerships, the company’s U.S. distributor has filed for Chapter 11 bankruptcy protection. Read the rest of SIGG’s US Bottle Distributor Files For Bankruptcy Permalink | Add to del.icio.us | digg Post tags: aluminum bottles , bisphenol A , BPA , Patagonia , Plastic bottles , reusable bottles , SIGG , SIGG bankrupt

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SIGG’s US Bottle Distributor Files For Bankruptcy

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