PG&E filed for Chapter 11 protection in January last year, citing potential liabilities in excess of $30 billion from deadly wildfires in 2017 and 2018 linked to its equipment. Newsom, in a public letter to the company on Dec. 13, had rejected an earlier PG&E reorganization plan saying it lacked major changes in governance and tougher safety enforcement mechanisms mandated under the state wildfire statute. Newsom has accused the company of putting profit ahead of maintenance of its power lines and of poorly managing the widespread blackouts PG&E used to avoid sparking wildfires during high winds. …read more
Source:: Yahoo Finance
