Calif. gov.: State could take over PG&E in wake of bankruptcy crisis

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Gov. Gavin Newsom (D-Calif.) threatened Friday that the state of California could take over the Pacific Gas and Electric utility company if it does not pull itself out of bankruptcy by mid-2020.

“PG&E as we know it may or may not be able to figure this out. If they cannot, we are not going to sit around and be passive,” Newsom said at a press conference. “If Pacific Gas and Electric is unable to secure its own fate and future … then the state will prepare itself as backup for a scenario where we do that job for them.”…read more

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