Struggling to Control PG&E
PG&E is hoping to use its bankruptcy to reduce its liabilities and become a more stable company. However, it looks like they may not have much control over the outcome. Investors, lawmakers, regulators and customers are trying to take the reins on the situation even though a judge has not even had a chance to look significantly into PG&E’s financials. Also, companies that sell power to PG&E are requesting that federal regulators intervene into the bankruptcy to make sure the utility can’t renegotiate its contracts with suppliers. It’s a pretty messy situation when the California Public Utilities Commission starts studying options that include breaking up PG&E, which serves 16 million people, or turning all or parts of it into a government-owned utility. “This is the most complicated and difficult decision environment I’ve ever seen for a bankruptcy case,” said Jared A. Ellias, a professor at the University of California’s Hastings College of the Law. “I can’t think of a bankruptcy that had this many powerful parties with unclear bargaining power.” All in all this is a very difficult situation with a lot of moving parts that will take years to fully resolve.
New Mexico Joins Push to Go Green
The Governor of New Mexico, Michelle Grisham, signed a ground breaking bill into effect called the Energy Transition Act (ETA) last Friday. The bill mainly states that the State should be supplying 100% of its electricity to residents through renewables by 2045. It pushes for 50% by 2030, 80% by 2040, and 100% by 2045. New Mexico is the third state to create a law that strives for a fully renewable energy grid behind California and Hawaii. Rob Sargent, senior director of Environment America’s Clean Energy program, said that by passing the ETA, New Mexico is “Setting a prime example for how states can take the mantle of leadership. As sea levels and global temperatures rise higher and higher, so does Americans’ desire to address climate change as quickly as possible. Given inaction at the federal level, states are primed to lead the transition from fossil fuels to 100 percent renewable energy."
New York Governor Presents Progressive Green Building Competition
Governor Andrew Cuomo created this “Buildings of Excellence” competition and it will have three rounds of providing $10 million with up to $1 million per project. The initiative aims to advance the design, construction, and operation of green buildings in the state. This is mainly a pilot to show how advanced green building design can be adopted into the New York State Energy Conservation and Construction Code. Governor Cuomo said, "The time for addressing climate change is now, and today we are doubling down on our commitment to lead the way with a revolutionary path toward carbon-free buildings. The development of low- to zero-carbon buildings will create healthier living spaces and communities for all New Yorkers, while driving down harmful emissions from one of our highest contributing sectors - our building stock - and pushing us forward on our path to carbon neutrality." With New Yorkers paying around $35 billion annually on electricity and heating this initiative will strive to reduce consumer energy bills while at the same time creating a healthier and more affordable New York.