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U.S. regulator sides with power suppliers over PG&E contracts

Reuters

Jan 25 (Reuters) - Federal energy regulators said on Friday they had joint jurisdiction with a bankruptcy court over any requests by California utility PG&E Corp, which is preparing to file for bankruptcy, to cancel or renegotiate power contracts.

The order by the Federal Energy Regulatory Commission was a win for power producers including NextEra Energy Inc, which has asked FERC to declare that PG&E, if it files for bankruptcy, may not modify its wholesale power contracts without the commission's approval.

PG&E has said it is preparing to file for bankruptcy as soon as next week. The utility faces billions of dollars in potential liabilities from devastating wildfires in 2017 and 2018. (Reporting by Nichola Groom; Editing by Richard Chang)

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