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'Backstop' bill to turn PG&E into non-profit headed to California governor's desk
Utility Dive: SB 350, or the Golden State Energy Act, would create an entity called Golden State Energy that could acquire PG&E if the utility is not able to exit bankruptcy by Sept. 30, or fails to meet safety obligations that the California Public Utilities Commission outlined in its decision approving the company's Chapter 11 reorganization plan, which could lead to regulators revoking its certificate of public convenience and necessity, among other things.
The bill would give the CPUC the authority to petition a court to appoint a receiver for PG&E if the commission determines it's warranted.
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