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The Latest: Regulators approve PG&E financing measure

January 28, 2019

SAN FRANCISCO (AP) — The Latest on criticism against hastily announced meeting between California regulators and PG&E (all times local):

3:45 p.m.

California regulators have approved a measure allowing Pacific Gas & Electric Corp. to immediately obtain credit and loans while the company is under Chapter 11 bankruptcy protection.

The California Public Utilities Commission approved the motion at a raucous last-minute meeting Monday over the chants of protesters yelling “Shame!”

Commissioners agreed the situation was an emergency, allowing little notice to the public, as people in the audience booed. The commission then began taking public comment. Speakers blasted the commission for the late notice of the meeting and accused them of bailing out PG&E despite its role in wildfires.

California law generally requires multiple days of notice for public meetings. The CPUC cited an exception for emergency situations that affect public health or safety.

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2:30 p.m.

About two dozen protesters holding signs that read “No PG&E Bailout” are demonstrating ahead of a hastily announced meeting that could clear a major hurdle to a bankruptcy filing by Pacific Gas & Electric Corp.

The protesters say California Public Utilities Commission is prioritizing big banks that would provide money to PG&E in bankruptcy over rate payers and fire victims.

Jessica Tovar, of the Local Clean Energy Alliance, says it’s “an 11th hour meeting” for the CPUC to bailout PG&E.

California regulators earlier Monday said they would hold a meeting later in the day to decide whether to allow PG&E to immediately obtain credit and loans while the company is under Chapter 11.

California law generally requires multiple days of notice for public meetings. The CPUC cited an exception for emergency situations that affect public health or safety.

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12:30 p.m.

California utility regulators are facing criticism for a hastily announced meeting that could clear a major hurdle to a bankruptcy filing by Pacific Gas & Electric Corp.

The California Public Utilities said Monday it would hold a meeting later in the day to decide whether to allow PG&E to immediately obtain credit and loans while the company is under Chapter 11.

California law generally requires multiple days of notice for public meetings. The CPUC cited an exception for emergency situations that affect public health or safety.

Mindy Spatt, a spokeswoman for The Utility Reform Network, said PG&E’s financing did not qualify as an emergency.

Christopher Chow, a spokesman for the CPUC, said it had met its noticing requirements for the meeting.

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