San Francisco has moved another step forward to acquiring Pacific Gas & Electric Co.'s electric distribution assets serving the city.
That’s the upshot from an environmental impact report on the proposed acquisition.
The report is required under the California Environmental Quality Act. The city’s Public Utilities Commission said it evaluates the environmental effects of purchasing PG&E's local electric infrastructure and the work needed to separate San Francisco's electric grid from the utility's broader system.
City officials said certification of the report allows the project to move into the next phase. These include proceedings before the California Public Utilities Commission to determine the fair market value of the assets and evaluate a potential purchase.
The San Francisco Public Utilities Commission estimates the assets are worth about $3.5 billion.
If approved, the acquisition would be financed through revenue bonds repaid by electric rates rather than the city's general fund or tax revenue. The city said the move could save residents millions of dollars in utility bills.
