San Francisco offers $2.5B for PG&E's power grid in the city

SAN FRANCISCO — With Pacific Gas & Electric in bankruptcy as it faces billions of dollars in claims over wildfires started by its equipment, San Francisco is offering to buy pieces of the utility's assets for $2.5 billion so the city can run parts of the power system on its own.

Mayor London Breed and City Attorney Dennis Herrera said in a statement that the offer was “competitive, fair and equitable” and will lead to financial stability for the beleaguered investor-owned utility.

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