REUTERS: PG&E Corp was unable to reach a deal with NextEra Energy Inc and other companies with which it has billions of dollars in power contracts in a jurisdictional dispute over the bankrupt utility's ability to walk away from or amend those agreements, according to court documents.
San Francisco-based PG&E wants the matter resolved in bankruptcy court, while NextEra and others want FERC involved. FERC has said it has"concurrent jurisdiction" with the bankruptcy court in such matters. The question of what will happen to the power contracts is critical for California’s goal to source 60per cent of its power from sources of renewable energy by 2030. Most of the power contracts in question are for solar or wind resources to fulfill the state mandate.
LaMonicaBuzz