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San Francisco offers $2.5B for PG&E's power grid in the city

San Francisco Mayor London Breed said the offer will offer financial stability to PG&E.

SAN FRANCISCO — San Francisco officials are offering to buy Pacific Gas & Electric's power lines and other infrastructure in the city for $2.5 billion.

Mayor London Breed and City Attorney Dennis Herrera presented the offer in a letter sent to the utility Friday.

Breed said in a statement Sunday the offer was "competitive, fair and equitable" and will offer financial stability to PG&E. It doesn't include PG&E's natural gas system in the city.

RELATED: Lots of unknowns as PG&E plans to submit bankruptcy plan

The utility is set to submit Monday its plan for getting out of bankruptcy, which will include how it intends to repay billions in liabilities from wildfires in 2017 and 2018.

PG&E said in a statement that selling assets to San Francisco wasn't in the best interest of its customers and stakeholders.

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