California Governor, Lawmakers Confront PG&E Utility Bankruptcy

(From AP News)

The announcement by the nation’s largest utility that it is filing for bankruptcy puts Pacific Gas & Electric Co.’s problems squarely in the hands of Gov. Gavin Newsom and state lawmakers, who now must try to keep ratepayer costs down, ensure wildfire victims get the money they’re owed and rethink California’s energy picture in the face of climate change. . . .

Earlier in the day, PG&E announced it will file for Chapter 11 bankruptcy as it faces at least $30 billion in potential damages from lawsuits over catastrophic California wildfires in 2017 and 2018 that killed scores of people and destroyed thousands of homes.

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