Inside The Board Room. When a $50billion corporation goes down to $5billion and that corporation has captured customers through a monopoly, there are billionaires that chomp at the bit to get involved. Read the tick tock on the funds that are trying to get in and get out without catching the falling knife (and get stuck in a regulatory change of heart). This comes while one hedge fund is arguing hard against the bankruptcy filing even as the CPUC approved the $6billion DIP finance plan late yesterday and a PG&E spokesperson confirmed to ABC that the company still intends to file for chapter 11 on or about today, the 29th.
Exhibit A. Just in case you were wondering who is missing in the above conversation, it is the consumer. This shows the need for Governor Newsom to protect Californians from letting the financial interests be the sole driver of the process. Like it or not, this remains a political problem for Newsom and every other Governor that has an IOU in their State.
Auto OEMs Need New Blood. I understand that the Cadillac Chief Marketing Officer needs to say that they are committed to both EV and ICE cars in the future. But they know, I hope, that the future is all EV except for non-standard use cases. The CMO should be secure enough to tell the story of the vision and excite consumers about the electric Cadillac Escalade.
EIA Needs To Wake Up. EIA is out with a report about electric cars that says internal combustion will be the dominant vehicle mid-century. I am sure that EIA serves an important function but the estimating of future uses of electric vehicles is way off base for them. More importantly, how can they accurately forecast energy consumption if they view the future where transportation is still dominated by oil powered vehicles, not self driving electric drones?
Good Points. On the topic of environmental justice and why we need more Patagonias. Both worth a read this morning.
- Yahoo Finance: PG&E Receives $4 Billion Plan From Investors to Head Off Bankruptcy
- GM Authority: Cadillac Chief Marketer – Brand Needs To Play In Both EV And Traditional Engine Segments
- Axios: New report says the future of EVs in the U.S. looks grim
- Forbes: The Green New Deal Must Benefit Black And Hispanic Americans
- GreenBiz: Why we’re not creating the Patagonias of tomorrow
- Los Angeles Times: California is uniquely fire-prone thanks to its long romance with high-voltage power lines
- Bloomberg: PG&E Bankruptcy’s Ripple Effects Will be Felt Beyond California
Opinion
Have a great day!
Yann