California governor, lawmakers confront utility bankruptcy
SACRAMENTO, Calif. (AP) — California Gov. Gavin Newsom and state lawmakers must now deal with the fallout of Pacific Gas & Electric Co.’s announcement it will file for bankruptcy.
That will include looking at how 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.
PG&E said Monday it is filing for bankruptcy as it faces at least $30 billion in potential damages from lawsuits related to catastrophic California wildfires. It kicks off a 15-day window before the official filing.
That’s prompting worries that power bills will rise and wildfire victims won’t get all of the money they are owed. Newsom says his top priorities are safety, reliability and affordability.