BlueMountain Hits Key Points Supporting Our PG&E Bankruptcy Analysis
We are reaffirming our $11 per share fair value estimate for PG&E after BlueMountain Capital released a letter to the utility's board opposing the planned bankruptcy. We are reaffirming our no-moat and very high uncertainty ratings.BlueMountain's letter details PG&E's near-term solvency, which we highlighted in our Jan. 10 note, "Bankruptcy or Bluff?" With $1.5 billion of cash as of Jan. 11, we estimate PG&E could remain solvent at least through mid-2019 and possibly longer dependin...
PG&E is a holding company that conducts its business through Pacific Gas and Electric Company (Utility), a public utility engaged in the sale and delivery of electricity and natural gas to customers. The Utility generates electricity and provides electric transmission and distribution services throughout its service territory in northern and central California to residential, commercial, industrial, and agricultural customers. The Utility provides natural gas transportation services to small commercial and residential customers and to industrial, commercial, and natural gas-fired electric generation facilities that are connected to the Utility's gas system in its service territory.
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