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Could California Take Public Ownership of PG&E?
Pacific Standard: Last week, Pacific Gas & Electric, the beleaguered gas and electric provider for some 16 million residents across the state of California, formally filed for bankruptcy protection. It's a move that's long been anticipated: The investor-owned utility company has sustained billions of dollars in losses after a rash of major wildfires—exacerbated by climate change—damaged transmission lines throughout the state and brought a litany of lawsuits. According to court filings, the company now has more than $50 billion in liabilities, despite being cleared of responsibility for 2017's Tubbs Fire, then the most destructive wildfire in California history.
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