SAN FRANCISCO (KCBS) -- It's PG&E to the rescue! That's the role the utility says it may play in making sure renewable energy companies stay afloat in California. The San Francisco company is exploring that idea with the federal government, in conjunction with the economic stimulus package.
KCBS’ Doug Sovern Reports
Pacific Gas & Electric is in talks with the Obama administration to figure out what role it might play in using economic stimulus money for California's energy infrastructure.
C.E.O. and president Peter Darbee pictures PG&E riding to the rescue of smaller providers of renewable energy, which have been threatened by the recession.
"You've all heard of white knights that have come in to assist people that have been challenged," said Darbee. "We foresee the opportunity to be a green knight, potentially, to come in and provide financing."
The money would keep those companies alive, so they can deliver green energy to PG&E's grid.
"The concern that we have is whether or not those counter parties will have access to capital so that they can fulfill the commitments they've made to us and to the state of California, and we feel that there are reasonable concerns that they may not," said Darbee.
Darbee wants the feds to provide loans, or loan guarantees, to help those companies, and says PG&E would be willing to put up some money too.
(MGO)
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