New PG&E CEO Patti Poppe says she said no to the job a couple of times.
She says she took it after watching video of the Paradise fire, including @abc10’s #FirePowerMoney stories (by @brandonrittiman).
She is speaking now at the CPUC on regionalization.
cpuc.ca.gov/calEvent.aspx?…
My big takeaway from this hearing so far is that along with regionalized units, PG&E will also be moving from monthly to daily check-ins across the organization.
Also surprised by the first leg of the Q&A...
With the PG&E CEO there, the CPUC President didn't have a question. A 2nd commissioner had no questions. A 3rd one praised the CPUC president instead of asking a question. Finally Comm Guzman Aceves says to PG&E people that what they just presented sounds like the standard quo
PG&E's response seemed to center on more frequent comms. Chief Risk Officer Sumeet Singh said "our monthly cadence goes to a daily operating cadence." CEO Poppe answered that they are now going to be working on a shared goal "where we can align around a similar group of outcomes"

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More from @lilyjamali

2 Mar
"Gallogly made his mark, and his money, in finance."

Sure did. The firm he co-founded, Centerbridge, has reaped big profits off the largest "climate change bankruptcy": PG&E's.

Last year, we were first to report Centerbridge loaned money to a lawyer for 16,000 PG&E fire victims
That lawyer was key to deciding whether to broker a deal with a group of PG&E shareholders (Centerbridge) or PG&E bondholders (Apollo/Elliott).

He went with Centerbridge. That decision has left PG&E fire victims owning 24% of the company through a trust.

kqed.org/news/11813173/…
Centerbridge hadn't just provided litigation funding to that lawyer.
It wasn't just a holder of PG&E stock, and debt too.
Below are Centerbridge's holdings as of September 2019 👇
This shows Centerbridge had also purchased a bunch of insurance claims against PG&E. Image
Read 12 tweets
29 Oct 20
NEW: PG&E's bankruptcy and legal costs will be up to $2.7 billion, $30 million more than its previous projections.

More notes from today's quarterly earnings call below...

$pcg @KQEDnews

Interim CFO Chris Foster said that increase in costs "reflects a final adjustment...
...required to the fair value of the equity backstop fee based on the share price at the beginning of July."

On September's #ZoggFire:
An analyst on the call asked why PG&E hadn't cut power where the fire sparked. Foster: "the wind speeds in those areas didn't meet the general..
..requirements we have in place."
Wind speeds near where the Zogg Fire started were 15mph, with 32mph gusts
PG&E's PSPS standard is 25mph, with 45mph gusts, said Foster. Wind speeds are just one factor in PSPS decisions, along with humidity and others.
Read 11 tweets

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