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In restructuring, PG&E ‘will have to cater to customers who have other ways to meet their power needs’

first_img FacebookTwitterLinkedInEmailPrint分享Wall Street Journal:When it emerges from what is expected to be a long and complex chapter 11 reorganization, it’s likely to be a very different business—no longer the sprawling provider of natural gas and electric service to 16 million Californians.While wildfire liabilities that PG&E pegged at more than $30 billion were the main factor behind its bankruptcy filing, the San Francisco-based company faces far broader challenges. Long a utility accustomed to having a monopoly, in the future it will have to cater to customers who have other ways to meet their power needs.The traditional business model of electric utilities is under siege as homeowners, corporations and new community groups seek to generate or purchase power for themselves, a trend that is particularly advanced in California. All the while, PG&E has become deeply intertwined with California’s renewable energy and carbon-reduction goals, requiring it to sign expensive long-term contracts while also facing political pressure to keep rates from rising too fast.All options are going to be on the table in a bankruptcy proceeding, experts say. The possibilities include breaking up the company, selling off its natural-gas business or shedding some of its more than 100 hydroelectric dams. San Francisco and other cities have also said they want to explore running their own utilities in what has been PG&E territory.All options are going to be on the table in a bankruptcy proceeding, experts say. The possibilities include breaking up the company, selling off its natural-gas business or shedding some of its more than 100 hydroelectric dams. San Francisco and other cities have also said they want to explore running their own utilities in what has been PG&E territory.“There’s a larger issue at hand regarding how utilities are coping with new technology,” Mr. Peskoe said. “Maybe this is an opportunity for the industry to think about this differently.”PG&E said in the bankruptcy filing that it wants the ability to end hundreds of long-term power contracts with wind and solar farms, a move that could hurt the nation’s renewable-energy industry. PG&E has $42 billion in contractual commitments to buy electricity, more than half for wind and solar power to meet California’s aggressive renewable-energy goals. NextEra Energy Inc., a Florida utility with a large renewable-power-generation business has asked the Federal Energy Regulatory Commission to assert jurisdiction over these contracts. The commission ruled last week that it would review the matter alongside the bankruptcy judge.California Gov. Gavin Newsom has also expressed worries about the potential cancellation of the contracts, which could hurt the state’s ability to meet aggressive goals to cut greenhouse-gas emissions and combat climate change.More($): Wildfires Drove PG&E to Bankruptcy, Where Utility Must Change to Survive In restructuring, PG&E ‘will have to cater to customers who have other ways to meet their power needs’last_img read more

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China set to go tough on boys from Brazil, says top FA official

first_imgChina’s football squad will be limited to “three or four” Brazil-born players, a senior official told AFP, as ex-Chelsea star Oscar expressed an interest in becoming the latest Brazilian to represent the world’s most populous country. Unless there is a radical policy change by FIFA, the Shanghai SIPG attacking midfielder will not be able to play for China because he has featured in competitive games for Brazil, including at the 2014 World Cup. But it is indicative of a landmark shift in Chinese football that Oscar said: “I can think about (playing for China) because, as I said, it’s difficult to go to the Brazilian national team now because I’m here.”Advertisement Shanghai SIPG’s Oscar, a Brazil international, has expressed an interest in playing for China Promoted Content8 Superfoods For Growing Hair Back And Stimulating Its GrowthBest & Worst Celebrity Endorsed Games Ever MadeYou’ve Only Seen Such Colorful Hairdos In A Handful Of Anime6 Interesting Ways To Make Money With A Drone7 Black Hole Facts That Will Change Your View Of The UniverseBirds Enjoy Living In A Gallery Space Created For ThemWho Earns More Than Ronaldo?These TV Characters Proved That Any 2 People Can Bury The HatchetWhich Country Is The Most Romantic In The World?8 Little-Known Facts About Ancient Egypt That Will Puzzle YouWho Is The Most Powerful Woman On Earth?7 Non-Obvious Things That Damage Your Phone President Xi Jinping wants China to become a football superpower but the country has made the World Cup only once, in 2002, when they left without a point or a goal.“We had a little bit of concern when we gave the passport to Elkeson or whoever,” Liu said in a rare interview by a senior Chinese football official.“But the good thing is that, dramatically, Chinese fans love to have a few (naturalised) players in the squad as long as they can make the Chinese team better and take us to the World Cup, hopefully Qatar 2022.“I don’t see any resistance, honestly, but we need to develop. It’s not a long-term strategy or approach.”Liu, speaking before Oscar’s comments came to light this week, added: “We’re not going to have two-thirds of the squad from Brazil.“We might have two or three, three or four probably, but that’s it.”– Thwarting the virus –The English-speaking Liu, 48, who took on the senior post in August last year, was talking from Suzhou, one of two cities hosting matches in this year’s rejigged Chinese Super League.The CSL kicked off on Saturday, five months late and behind closed doors because of the coronavirus pandemic.The Chinese Super League began on Saturday, five months late and behind closed doors As part of strict safety measures, eight teams are stationed at a single hotel in Suzhou, near Shanghai, and the other eight in Dalian. Players cannot see their families for two months.Dalian has seen a small cluster of infections in recent days and China recorded 68 cases nationally on Tuesday, the highest daily figure since April, although still far lower than many countries.Liu said that while the first round of matches went “better than expected” and the small resurgence of the virus has had no real impact, he is on guard.“We have another 13 rounds of the competition so this is just the start of the entire process,” he cautioned.Several football leagues in Europe and Asia returned from the virus before the CSL, but Liu said: “Our central government, and I think it’s correct, they are more cautious about the lives.“We were the first country and Wuhan was the first city to have an outbreak of the virus so we’re more cautious about what we’re doing, especially sporting and cultural events.“Yes, it was a bit longer than everybody thought, but it’s worthwhile,” he added.“At the moment I can say that we are very safe, we’re playing the competition in a very safe and comfortable environment.”Read Also: Willian to agree new Chelsea deal this weekLiu said that shelving the CSL for 2020 was never an option, even as the delay and pandemic dragged on, but the CFA will not be afraid to suspend play if a player or coach tests positive.“We’re definitely going to put a brake on the season, but it would be very unlikely that we’d cancel it,” Liu said.FacebookTwitterWhatsAppEmail分享 Loading… Oscar, who moved from Chelsea for an Asian-record 60 million euros in January 2017, has seen Guangzhou Evergrande’s Brazil-born forwards Elkeson and Aloisio called up by China in the past year as they seek to qualify for the next World Cup in 2022. At least three more Brazilians, also attackers, have become naturalised or are close to doing so, according to media. But Chinese Football Association secretary-general Liu Yi laughed off the notion that ambitious China will turn into a team of Brazilians in a quick fix to reach the World Cup in Qatar.last_img read more