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Gas Companies Face Californian Wipe-out, Say S&P, Moody’s

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Surfers wiping out

By , Climate Home News. This article originally appeared on Climate Home News.

Gas companies in California face credit downgrades, ratings agencies say, after the state pledged to get all of its power from renewable sources by 2045.

On September 10, California governor Jerry Brown signed a bill which would require 100 percent of the state electricity’s to come from carbon-free sources.

That would have no immediate effect on most gas generators, according to a report by Standard & Poor’s (S&P) analyst Michael Ferguson this month. However, he said: “We believe that over the long term, with the growth of renewable energy, these utilities face a significant threat to their market position, finances, and credit stability.”

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