$PCG California regulators approve proposals by utilities PG&E (NYSE:PCG), Southern California Edison (NYSE:EIX) and Sempra Energy (NYSE:SRE) to spend $41M on electric vehicle charging projects to help the state reduce greenhouse gases.
The California Public Utilities Commission yesterday said the companies can move forward with pilot initiatives designed to speed the electrification of school buses, ports and delivery trucks.
Part of the plan still awaiting approval from the PUC is a $550M investment in medium- and heavy-duty vehicle charging to help grow the transportation electrification market over five years.
$PCG PG&E (NYSE:PCG) suffers another legal setback in California as a judge says he will not release the company from a key legal claim related to last year's destructive wildfires in the state.
PG&E has been challenging a California law allowing private property owners to hold the utility 100% responsible for any losses caused by its equipment or power lines even if it did not act negligently.
“There is no basis for PG&E’s argument that imposing inverse condemnation liability” is unconstitutional unless the utility is guaranteed to “automatically recover” its costs through rate hikes, the Superior Court judge ruled today.
Analysts have said PG&E could face more than $15B in claims from the fires, and Edison International (NYSE:EIX) also faces the prospect of multibillion-dollar payouts under the same law.
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