PG&E is on its way out of bankruptcy, and there are many lessons to learn from the largest American utility’s second trip through bankruptcy. We briefly cover the political and regulatory issues lurking in the background and then dive into the lessons learned from people who were affected by the bankruptcy, cover what they would do differently if it were to happen again, address how to price bankruptcy risk and discuss how the industry is approaching projects with PG&E offtake contracts and California in general. Jim Berger and Christy Rivera, partners with Norton Rose Fulbright, are joined by Kevin P. Malcarney, senior vice president and general counsel at Clearway Energy, Paul Pace, senior vice president and team leader at KeyBank, and Pascal Uttinger, managing director, project finance in the Americas, at MUFG.