The company needs Newsom’s approval to move forward with the plan and will probably have to make major revisions in light of the governor’s letter. The law, which passed in July, creates a fund that state utilities will use to pay for damage from future wildfires ignited by their equipment. ADBut Newsom said PG&E’s restructuring plan lacks crucial accountability measures required under the law, including clearly-defined safety metrics and stringent enforcement mechanisms to protect the state if the reorganized company fails to meet those metrics. The governor said he also worried that the plan would leave PG&E in a financially precarious position “with limited ability to withstand future financial and operational head winds.”AD“PG&E’s board of directors and management have a responsibility to immediately develop a feasible plan,” Newsom wrote. A coalition of more than two-dozen local officials, led by San Jose Mayor Sam Liccardo, have called for PG&E to be replaced by a customer-owned cooperative.

Source: Washington Post December 14, 2019 10:41 UTC