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…