Bankrupt Pacific Gas and Electric (PG&E) Corp. won a key legal victory as a judge ruled that federal regulators cannot prevent the giant California utility from amending or exiting up to $42bn of energy supply contracts including those for 7.7GW of renewables.
Judge Dennis Montali decided that his bankruptcy court, not the Federal Energy Regulatory Commission (FERC), which regulates interstate transmission and bulk sale of electricity and natural gas, has jurisdiction over the long-term contracts involving 350 “counterparties.”
