Posted on 11/02/2019 2:21:17 PM PDT by yesthatjallen
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."
PG&E has recently come under intense scrutiny for cutting power to thousands of people as it tries to prevent wildfires. The company filed for bankruptcy in January while it was facing billions of dollars in claims tied to deadly fires.
Newsom said he intends to reach a deal with the company and its stakeholders that should get PG&E out of bankruptcy by June 30, 2020.
"We want to bring everyone together, we want to broker a deal. It's what we do," he said.
"PG&E as we know it cannot persist and continue," the governor added, noting that the company has to be "completely transformed, culturally transformed, operationally transformed with a safety culture first and foremost as part of that fundamental transformation."
Besides the preemptive shutoffs, known as Public Safety Preventative Shutoffs (PSPS), the utility firm has also been accused of starting deadly wildfires. The company has filed reports admitting its equipment may be linked to at least three of the over 12 fires in the past week.
SNIP
(Excerpt) Read more at thehill.com ...
THIS is supposed to make things better?
How, exactly?
That should work out well. /s
Hilarity ensues.
Karma has no menu.
It always serves you just what you deserve.
Great idea! Destroy PG&E just as you have destroyed the once-Golden State.
Any twosome Newsome needs to drop back to a Whale Oil economy.
It’s a state regulated utility. They pull themselves out of bankruptcy by raising rates.
Californian’s let’s get that recall petition signed, and in the mail.
Do it...….
This is great - and I think they should try to hire some Venezuelan power company officials to help them straighten it out and run it!
Perhaps State control of our power grid is the END GAME behind all of this ARSON.
Yes.
Democrats will have you freezing in the dark and hungry.
But...but...thier intentions were good...
Then the blackouts will last years, not days.
California will be saying they don’t have enough “resources” to keep the grid functioning.
They’ll end up selling it to some friends of whoever is governor at the time, who will completely destroy it.
If the state takes them over, there will be huge savings.
Every time the state imposes fines or penalizes them they are cutting out the middle man.
Just think of all the savings.
Jobs saved and money saved!
If you think it’s bad now, just wait for the state to take it over.
ha!
as Californication jumps straight down from the incompetent PGE frying pan
into
the super-corrupt State government
Boy that’s a CRAZY stock to trade.
Went from 4 to 6.40 this past week and people may be stupid enough to think the govt taking it over will make it soar.
Or maybe it will be bought out at double its current price.
Or maybe it will go to zero.
Options volatility has been price in so buying options is VERY dangerous here.
I think I’ll just leave it alone :)
oops,
correction...
as Cali jumps down from the incompetent PGE
into
the super-corrupt AND INCOMPETENT state govt
“”then the state will prepare itself as backup for a scenario where we do that job for them.””
Yes, by golly - the state has done such a great job of just RUNNING THE STATE, haven’t they? Why not take on public utilities? What did the state do to prevent the Oroville Dam mess a couple of years ago?
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