PG&E’s future in doubt after Newsom rejects bankruptcy plan
Gov. Gavin Newsom on Friday rejected Pacific Gas & Electric’s proposal to pull itself out of bankruptcy, saying its reorganization plan falls “woefully short” of safety requirements set under state law and demanding the company make major changes if it wants to access billions of dollars in a fund to pay wildfire claims.
Newsom’s approval was not required under state law, but PG&E asked the governor to weigh in after reaching a $13.5-billion settlement with victims of some of California’s worst wildfires on record last week.
Richard Bridgford, an attorney who is part of a team representing wildfire victims, said the bankruptcy involves complex matters and balancing multiple interests. Among his list of concerns, Newsom said the utility should have a new board of directors and a better financial model to ensure that ratepayers aren’t saddled with high rate increases to fund future safety investments.
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