PG&E drops a requirement that Gov. Gavin Newsom sign off on its settlement with wildfire victims, trying to buy more time for its restructuring plan.
California voters want to see major changes at PG&E as state leaders grapple with the best path forward for the state’s largest utility.“There were likely more elegant ways to allow for an extension,” Mehta wrote. “What is clear is that tensions are rising in a very public way, and that cannot be good for shareholder value of a regulated utility.”
The governor’s decision opened a path for a competing restructuring plan backed by Pacific Investment Management Co. and Elliott Management Corp., although the governor has said he also has issues with that proposal. PG&E has been trying to balance Newsom’s interests with those of its shareholders, creditors and other stakeholders.
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