Notification of Protective Proof of Claim in PG&E Bankruptcy Case
The California ISO has filed a protective proof of claim against Pacific Gas and Electric Company (PG&E) in its Chapter 11 bankruptcy case out of an abundance of caution to reserve its right to seek to recover any amounts that PG&E might ultimately owe the CAISO for market transactions or any other transactions under the ISO tariff that took place before PG&E’s Chapter 11 bankruptcy petition was filed. A copy of the protective proof of claim is available on the ISO’s website at http://www.caiso.com/PublishedDocuments/ElectronicProofofClaim-JYYHZ27395-Signed.pdf.
PG&E is currently paid in full with the CAISO. As the result of an order entered by the bankruptcy court early in PG&E’s Chapter 11 case, the ISO was authorized to bill, and PG&E was authorized to pay, and has paid, all invoices due to the ISO, including invoices for amounts due on pre-petition transactions. However, PG&E’s pre-petition (i.e., pre-bankruptcy) market settlements remain subject to adjustment through both scheduled recalculations and any orders of the Federal Energy Regulatory Commission. Under section 22.214.171.124 of the tariff, the ISO is allowed to collect on behalf of the market any amounts that may ultimately become due. By filing this protective claim before the October 21 claims deadline, the ISO seeks, out of an
abundance of caution, to ensure that its ability to collect remains fully protected.
The ISO’s claim covers only amounts that may be due from PG&E under the ISO tariff. It does not cover amounts that may be due to market participants arising from bilateral contracts or other transactions directly with PG&E.
The description in this market notice is not intended to limit or otherwise modify the ISO’s proof of claim.