California Gov. Gavin Newsom's opposition to Pacific Gas & Electric's restructuring plan is forcing the nation's largest utility to go back to the negotiating table and come up with a solution quickly.
'There's fire everywhere': Survivors of California's Camp Fire filmed their escape
Missing the deadline would prevent PG&E from being able to draw from a special fund created by the Democratic governor and state lawmakers to help insulate California utilities from future fires that many people believe are bound to erupt as a changing climate continues to create hazardous conditions. Utilities are at risk because their aging electric transmission lines are expected to take years to upgrade.
“In my judgment, the amended plan and the restructuring transactions do not result in a reorganized company positioned to provide safe, reliable, and affordable service," he said. Without the added protection of the California wildfire fund, PG&E would likely find it more difficult to borrow money to pay for the necessary upgrades and perhaps even fund its ongoing operations if it remains mired in bankruptcy proceedings beyond June 30.
Attorneys for the fire victims so far have collectively lodged claims of about $36 billion against PG&E, according to court documents. But that figure could rise even higher after the state trial and estimation hearing, and it if does would likely leave PG&E unable to meet its financial obligations — a development that could lead U.S. Bankruptcy Judge Dennis Montali to declare the company insolvent.
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