San Francisco may make a multibillion-dollar bid within months for some of PG&E Corp.’s assets, Bloomberg News reported. Mayor London Breed told the bankrupt power giant in March that the city may submit a formal offer for the utility’s electric distribution system in San Francisco “within the coming months” should the acquisition prove feasible, the San Francisco Public Utilities Commission said in the report. The agency estimated that the fair market value of the assets is “in the range of a few billion dollars.” The report takes San Francisco one step closer to an offer that city officials have been talking about since PG&E filed for bankruptcy in January under the weight of an estimated $30 billion in liabilities from wildfires. In light of the chapter 11 filing, Breed asked the utilities commission to evaluate how the city could ensure its power supplies remained affordable, reliable and in compliance with climate goals.
