August 16 (Renewables Now) - The board of Pacific Gas and Electric Company (PG&E) has appointed Andrew M Vesey as the new CEO and president of the debt-laden, San Francisco-based utility, it was announced on Tuesday.
Vesey will take responsibility for the operations of the utility, including safety, electric and gas activities, generation and customer care. He will report to the board, while taking direction from the CEO and president of parent company PG&E Corporation (NYSE:PCG), namely William Johnson. Vesey’s appointment will take effect on August 19, 2019.
“Andy is a focused and talented leader with the demonstrated experience to help PG&E improve our safety and operational performance, while also being a strong advocate for clean energy solutions,” Johnson said.
Before joining PG&E, Vesey served as the managing director and CEO of Australian energy company AGL Energy Ltd (ASX:AGL). In the past, he also was the chief operating officer of AES Corporation (NYSE:AES).
PG&E filed voluntary petitions under Chapter 11 of the US Bankruptcy Code in late January 2019, as it was burdened with liabilities following the 2017 and 2018 Northern California wildfires.
In June, a committee formed by bondholders of PG&E proposed an investment of up to USD 30 billion (EUR 27bn) in the utility under a plan of reorganisation they say would allow the company to emerge successfully from Chapter 11 by the end of the year or soon after that.
(USD 1.0 = EUR 0.902)