REUTERS: PG&E Corp on Thursday told a U.S. bankruptcy judge that it had reached agreements to cut prices by at least 10per cent on five power contracts, according to court papers.
PG&E's bankruptcy poses a major threat to up to US$42 billion of power contracts, mainly for renewable solar and wind energy. Those agreements are critical to California's goal of reducing greenhouse gas emissions and meeting its aggressive climate goals and what happens to them in bankruptcy is being closely watched by both investors and state officials.
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