power supply protection Power Suppliers Ask To Drop PG&E Deals / 4 firms in state want to sell on open market

by:KEBO      2019-11-04
Four power suppliers claim they are in arrears of $59 million.Pacific Gas Power Co., Ltd.Yesterday, a bankruptcy judge asked them to suspend contracts with utility companies for them to sell electricity in the open market.PG & E officials responded quickly, saying the company would start production twice-Monthly payments to the four companies and nearly 300 others next week.Despite filing for bankruptcy in San Francisco last Friday, the utility still has $2.PG & E attorney James Lopez said 5 billion of the cash on hand was paid to the electricity supplier.Four San Joaquin Valley-The German-based Cogeneration Company, which runs turbines generated by steam from burning natural gas, says the payment problem has been going on for months.The companies, in court papers, said PG & E had not paid them any fees since the beginning of February, and in the months leading up to that they had only paid 15% of the contract price.They say the debt is growing at $333,000 a day, adding that they will be out of business and further reduce electricity supply in California, unless it is allowed to sell to others at a higher price in the open market.But after hearing PG & E's promise to resume payment next week, the U.S.Bankruptcy judge Dennis montalley said there was no emergency that required a prompt decision on whether to suspend the company's contract with utility companies.The judge then postponed the matter until May 10 and warned López that if PG & E failed to pay the first payment on Tuesday, he would arrange the hearing within one day.Four companies-Mid-Episode, Corinthians, the Salinas River and the Sargent cogeneration Cos.--Generating 148 megawatts of electricity is enough to accommodate 148,000 families.They have provided power to PG & E for 10 years.Gregory Kroll, a lawyer representing the four companies, said that when the national utilities commission, which oversees power contracts, the financial problems of his clients became more complex, A new formula was passed last month, greatly reducing the payment obligations of PG & E.Because gas prices are still rising, small generators are "forced to buy high and sell low," Clore said "."We cannot continue to provide energy to PG & E at a rate that does not include costs.Montali replied that there was nothing he could do about the state agency's decision, and that the generator had asked the Federal Energy Regulatory Commission to overturn it.Montali will again consider in May the decision to have four combined Motors withdraw power from PG & E and sell it in the open market, and May invite others to make the same request.Such a small "alternative" supplier offers about 18% of PG & E's power.Yesterday's hearing suggested that PG & E's bankruptcy application could have a ripple effect on generators that have a contractual relationship with PG & E, and that traditional suppliers lacked the ability to take advantage of the spiraling rise in market prices.In April 6, the utility company forced the generator to be protected by applying for chapter protection.On April 6, until the emergence of an overall payment plan in bankruptcy proceedings, creditors.A solution to another key problem-Whether the bankruptcy application overturned the attempt of the state PUC to limit the amount of debt that PG & E could pass on to the client ---It was delayed again yesterday.Montalli held a hearing on PUC's new accounting rule, which requires utilities to use profits from electricity sales to offset losses in electricity procurement, which is scheduled to take place next Wednesday, but as the parties agree, postponed until May 14.
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