PG&E in talks with KKR to sell power unit

The California utility announced it would sell the stake in its hydroelectric, natural gas, solar and battery storage facilities as part of a plan to spin off its non-nuclear generation unit. — Bloomberg

NEW YORK: PG&E Corp is in talks to sell a minority stake in its power generation business to investment firm KKR & Co, a transaction regulators have signalled they don’t intend to support.

The California utility announced it would sell the stake in its hydroelectric, natural gas, solar and battery storage facilities as part of a plan to spin off its non-nuclear generation unit. The company didn’t give an estimated sales price, but said the transaction would reduce customer rates by US$100mil over the next 20 years.