Gas companies face Californian wipe-out, say S&P, Moody’s

Gas companies face Californian wipe-out, say S&P, Moody’s

Gas companies in California face credit downgrades, ratings agencies say, after the state pledged to get all of its power from renewable sources by 2045.

On 10 September, California governor Jerry Brown signed a bill which would require 100% of the state electricity’s to come from carbon-free sources.

That would have no immediate effect on most gas generators, according to a report by Standard & Poor’s (S&P) analyst Michael Ferguson this month. However, he said: “We believe that over the long term, with the growth of renewable energy, these utilities face a significant threat to their market position, finances, and credit stability.”

via Climate Change News Gas companies face Californian wipe-out, say S&P, Moody’s