PG&E rejects San Francisco’s offer to buy utility’s wires in the city

PG&E rejected San Francisco’s offer to buy the bankrupt utility’s wires within the city for $2.5 billion, saying the deal undervalues the company’s assets.

“We cannot accept your offer,” PG&E CEO Bill Johnson said in an Oct. 7 letter to San Francisco Mayor London Breed. “If we ever do consider such sales, we have a duty to obtain the highest and best value for these assets.”

PG&E provided a litany or reasons for why the purchase offer is a bad deal in the letter that starting getting…


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