跟进：PG&E 向州监管机构正式申报：旧金山接管其电网需付225亿美元
太平洋煤气电力公司（PG&E）10月20日向加州公用事业委员会（CPUC）提交正式证词，就旧金山市县政府接管其旧金山配电网的申请给出官方估值：接管总成本为225亿美元，是市政府今年4月申报估值34亿美元的六倍多。本站10月20日已报道，PG&E 行政总裁此前公开开价约200亿美元、市府报价34亿美元，双方估值相差近六倍；此次申报是公司向监管机构提交的正式数字。
PG&E 在申报中将225亿美元拆为两部分：其旧金山电网资产的公平市场价值139亿美元，以及电网物理分离与业务损失成本86亿美元。公司称，分离需要在 San Mateo County 新建一座替代变电站、新设服务中心，并重构或新建输电线路，以维持旧金山以外客户的供电；市府的估值低估了其地下电网网络，且漏计了2,000多项房地产权益，包括地役权与许可证。
PG&E 行政总裁 Patti Poppe 表示：「政府接管我们的电网，对旧金山的客户来说不是正确的解决方案」，申报数字显示接管在财务上对客户不划算。公司还称，过去十年已在旧金山电网投资30亿美元，未来五年计划再投入近20亿美元。此前 CPUC 已裁定，市府须按假想买家可能支付的「最高价值」支付。CPUC 尚未立即回应置评请求。
旧金山市公用事业委员会发言人 Nancy Crowley 表示，旧金山约占 PG&E 用电需求的5%，而 PG&E 整个电力系统价值约600亿美元。接管争议源于市府的长期公共电力计划：市府以长期节省成本、服务可靠性与电价可负担为由提出接管申请，监管机构正在裁定资产价值与分离成本。
Follow-Up: PG&E Tells State Regulators a San Francisco Takeover of Its Grid Would Cost $22.5 Billion
Pacific Gas and Electric Company (PG&E) on Tuesday submitted formal testimony to the California Public Utilities Commission (CPUC) putting the cost of a proposed City and County of San Francisco takeover of its San Francisco electric distribution grid at $22.5 billion, more than six times the $3.4 billion the city cited in an April filing. GSM reported on October 20 that PG&E's chief executive had publicly priced the grid at about $20 billion against the city's $3.4 billion offer; Tuesday's filing is the company's formal figure to regulators.
PG&E's filing values its San Francisco grid assets at $13.9 billion and puts physical separation and business-loss costs at $8.6 billion. The company said a separation would require a replacement substation, likely in San Mateo County, a new service center and reconfigured or new power lines to maintain service for customers outside the city, and that the city had undervalued its underground network and excluded more than 2,000 real-estate interests, including easements and licences, from its estimate.
"A government takeover of our grid is not the right solution for our San Francisco customers," PG&E chief executive Patti Poppe said, adding that the filing showed a takeover did not make financial sense for customers. PG&E said it has invested $3 billion in San Francisco's grid over the past decade and plans nearly $2 billion more over the next five years. California regulators have already ruled that the city must pay "the highest value" a hypothetical buyer might pay for the assets. The CPUC did not immediately respond to a request for comment.
San Francisco accounts for about 5% of PG&E's electricity demand, while the utility's entire electric system is worth about $60 billion, said Nancy Crowley, spokesperson for the San Francisco Public Utilities Commission. The city has proposed taking over the local network citing long-term cost savings, service reliability and affordability.
来源：GSM·美国（原文链接）
图片来源：位于旧金山 Mission 街的 PG&E Mission 变电站。图：Beyond My Ken 作，CC BY-SA 4.0，经维基共享资源。
- 2026-10-20 23:26旧金山：市府34亿美元接管 PG&E 资产报价与公司200亿美元估值相差近6倍
- 2026-10-21 08:03跟进：PG&E 向州监管机构正式申报：旧金山接管其电网需付225亿美元本篇
