SAN FRANCISCO — San Francisco officials are offering to buy Pacific Gas & Electric’s power lines and other infrastructure in the city for $2.5 billion.
Mayor London Breed and City Attorney Dennis Herrera presented the offer in a letter sent to the utility Friday.
London said in a statement Sunday the offer was “competitive, fair and equitable” and will offer financial stability to PG&E. It doesn’t include PG&E’s natural gas system in the city.
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The utility is set to submit Monday its plan for getting out of bankruptcy.
The company is expected to outline Monday how it plans to repay billions in liabilities from the 2017 and 2018 wildfires.
PG&E said in a statement selling assets to San Francisco wasn’t in the best interest of its customers and stakeholders.