PG&E Corp. announced Monday that it plans to move its headquarters out of San Francisco across the bay to Oakland as it nears resolution of its bankruptcy case.
The company said it plans to sell its two downtown San Francisco properties to save money on real estate costs, then make the move by 2023. The move out of the city where it has operated for more than 100 years will need permission from the body that regulates California utilities, the Public Utilities Commission.
“Our new Oakland headquarters will be significantly more cost-effective, is better suited to the needs of our business, and is a critical part of fulfilling our commitment to operate in a fiscally responsible way,” incoming interim CEO Bill Smith said in a statement.
PG&E will also close its other offices in the east San Francisco Bay Area and move those to the new headquarters.
A federal judge is currently weighing arguments over the company’s $58 billion plan for getting out of its bankruptcy caused by a series of deadly wildfires, despite ongoing worries about the utility’s ability to safely operate its crumbling electrical grid.
