San Francisco has retained a financial adviser to help explore the possibility of buying Pacific Gas and Electric Co.’s local power lines, a sign the city is getting increasingly serious about moving toward a full-fledged municipal utility.
The city hired Jefferies, a New York investment bank, to advise it as local officials look at making a bid for PG&E’s electric distribution equipment in the area, a spokesman for the San Francisco Public Utilities Commission said in an email Tuesday.
City leaders have been considering trying to buy PG&E’s distribution lines since the utility decided to enter bankruptcy protection in January. Distribution lines carry power to homes and businesses; they are smaller than long-distance transmission lines.
A SFPUC report last month concluded that the move could be beneficial to local residents and the city’s climate goals, though it would cost “in the neighborhood of a few billion dollars.”
SF hires financial adviser as it considers buying PG&E power lines, by J.D. Morris, San Francisco Chronicle, June 4, 2019.