A state lawmaker is making a move to turn Pacific Gas & Electric into a public utility, a potentially dramatic shift that would end decades of corporate control over California’s largest power company. “PG&E is a failed utility with a track record of prioritizing profits over safety,” Wiener said in a statement. At an event last week hosted by the Public Policy Institute of California, Newsom described the bankruptcy as a “godsend” and “extraordinary opportunity” to recreate the utility. He reiterated his willingness to turn PG&E into a public utility and said the old company “no longer exists.”Advertisement“There’s going to be a new company or the state of California takes it over,” Newsom said. An outline of Wiener’s plan said the state could set up a public-private partnership similar to the Long Island Power Authority in New York.

Source: Los Angeles Times February 03, 2020 14:03 UTC