VCEA offers PG&E $300 million for Yolo County

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Valley Clean Energy Alliance made its official offer to PG&E to acquire the Yolo County distribution system for $300 million. The offer is being submitted in PG&E’s bankruptcy proceeding. This offer is substantially higher than the $108 million that Sacramento Municipal Utility District (SMUD) offered in 2005, and not far below the $400 million that PG&E countered with.

San Francisco offered $2.5 billion for PG&E’s system, and San Jose announced that it also will make a bid. Municipalities believe that the bankruptcy court will be more receptive to accepting the offers as a means of raising cash for the bankrupt utility.

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