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Pegasus' filing also cited the $2.6 billion from California's two

Oct. 24, 2017 by Devin Jones

Pegasus' filing also cited the $2.6 billion from California's two largest coal reserves (which it estimates can be worth as much as $250 million each) as "not enough to cover the legal obligations of creditors and the cost of the litigation."

In its filing, Pacific Gas and Electric said the company "has agreed, upon a unanimous and non-binding resolution, with the California Fire Service to seek an order to discharge the assets of those subsidiaries and to restore the remaining assets to them at reasonable cost."

The company also noted that "the company is a joint venture with two of the largest coal producers in the world and is cooperating with the California Fire Service in its effort to recover all of its assets from those subsidiaries."

The filing also included comments from a number of California politicians and business leaders, as well as Governor Jerry Brown.

"This is an interesting time for us, as we are having a massive wildfire, but one that is not just a political problem," said Senator John Cornyn, the top Democrat on the Senate Commerce Committee.

Brown praised the "cinematic resolve, energy efficiency and tax-exempt status" of PG&E. "We just need more of that," Brown said.

The filing also listed the company as the "largest energy and natural gas producer in the United States with more than 17 million customers, and the largest producer of renewable energy, wind, solar, geothermal and hydroelectric power, and the largest customer in the world of solar-fired power, according to the U.S. Energy Information Administration."

The filing also states "PG&E's total assets as of Dec. 31, 2018, are as follows:

Solar PV at $9.4 billion, or 17.2 percent of its total assets, was purchased by the California Department of Public Utilities to provide power to California households, or 2.2 million people."

Wind at $4.2 billion, or 8.8 percent of its total assets, was purchased by the Florida Department of Community Development to provide power to the Florida Power Authority.

Huge amounts of money were also transferred from the Department of Energy to PG&E.

"These transactions are an important first step to help the victims of this disaster pay the full $2.6 billion owed by PG&E," said Charles S. Pogue, President and CEO of the California Independent Petroleum Association , which represented the plaintiffs in the PG&E lawsuit.

The utility will file for