San Francisco, CA — Mayor London N. Breed and City Attorney Dennis Herrera issued the following statement outlining details of the City’s competitive offer to purchase PG&E electricity assets—an idea supported by an overwhelming majority of San Francisco residents:

“The City and County of San Francisco has taken an important step toward energy independence by submitting an official offer letter to Pacific Gas and Electric Company (PG&E) of $2.5 billion for the acquisition of electric distribution and transmission assets that serve San Francisco. Following PG&E’s bankruptcy protection filing in January, the City began a study to consider the feasibility of purchasing PG&E infrastructure. This marks the culmination of months of hard work from the City and its advisors on that effort.

Our offer to PG&E is the result of detailed financial analysis conducted by industry experts and encompassing an extensive examination into the company’s assets in San Francisco. The offer we are putting forth is competitive, fair and equitable. It will offer financial stability for PG&E, while helping the City expand upon our efforts to provide reliable, safe, clean and affordable electricity to the residents and businesses of San Francisco. It also considers equity for PG&E’s remaining customers and the City’s responsibility for ongoing costs.

We look forward to positive, collaborative discussions with PG&E on this critical issue. Throughout this process we will protect the best interests of our City as we strive toward the independent energy future that San Francisco deserves.”  

###