Pacific Gas and Electric Co. is requesting an extension of up to four months to file its general rate case application in California for test year 2020 due to uncertainty over wildfire liability.
The deadline for its rate application is Sept. 1. The extension would move the deadline to Jan. 1, 2019, according to a June 4 filing.
The PG&E Corp. subsidiary said the uncertainty associated with the 2017 Northern California wildfires impacted its ability to raise capital. Since the start of the wildfires Oct. 8, 2017, PG&E shares have dropped about 39%.
"These financial uncertainties could impact the amount of work PG&E can commit to financing in the 2020 General Rate Case period," Robert Kenney, Pacific Gas and Electric vice president for regulatory affairs, said in a letter to the California Public Utilities Commission.
Forestry investigators recently accused the utility of violating state law in three incidents where a tree or tree branches contacted or knocked down power lines that contributed to the wildfires.
Aside from the wildfire impact, the company wants to review the resulting legislation to address increased threats of natural disasters caused by climate change. California Gov. Jerry Brown has until Sept. 30 to sign bills approved by the state legislature.
"The outcome of the legislative session may fundamentally change the plan that PG&E will present to the Commission for approval for 2020 and beyond," said Kenney.
Pacific Gas and Electric's most recent general rate case application resulted in an approved electric distribution and generation base rate increase of $91 million and a $3 million gas distribution rate reduction for 2017. In the same case, the California PUC authorized incremental electric attrition rate increases of $334 million for 2018 and $265 million for 2019 and incremental gas attrition rate increases of $110 million for 2018 and $96 million for 2019. (California PUC Docket No. A-15-09-001)
