PG&E says San Francisco would have to pay $22.5 billion to acquire its electric grid. The utility set out that valuation in a 1,164-page filing sent Tuesday to the California Public Utilities Commission.
The figure includes PG&E’s estimate of revenue it would lose by ending its San Francisco business and damages from separating the city’s grid from its statewide network. The company values the grid assets at about $13.9 billion; the city estimated their value at roughly $3.4 billion in April.
PG&E CEO Patti Poppe opposes a government takeover, saying it would not make financial sense for customers. City officials have called an earlier $20 billion estimate absurd, noting that it exceeded San Francisco’s entire budget.
The city has explored running its own public utility repeatedly. During PG&E’s 2019 bankruptcy, then-Mayor London Breed and then-City Attorney Dennis Herrera offered $2.5 billion for the grid, but PG&E declined.
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