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 ...
Couldn’t see that one coming.
The phrase that should chills of fear down someone’s spine is *I’m from the government and I’m here to help you*
I’ll bet control is what they were after the entire time and they put the company in a position that they could not meet the impossible demands they are imposing on them and then voila` they are here to help deliver you from the mess they themselves created.
How convenient.......
I predicted, when Gavin Newsom was elected Governor, that he would be recalled just like Gray Davis was. This is right on schedule. Newsom is a pure empty suit.
that’s an ideal solution: stockholder’s value has already been wiped out, and the state caused the problems with their insane regulations, so now let the state lie in the bed they made ...
the state can fix the problems they created only by rescinding regulations and massively increasing rates, and if the state doesn’t do that, then things will only get worse, much worse, and the state will have to take the blame for that too ...
what should you do???
...to shrug.
That would be the end of electricity in California. Better invest in candle-making businesses. No oil generators allowed. No Natural Gas generators allowed. NO PGE - No electricity - Newsome, Becerra, Brown and Warren/Sanders win in this red state while the people lose. Sounds about right to me.
Gov. Gavin Newsom old man must have made enough millions in the oil trade business to let his so to take over Pacific Gas and Electric utility company.
Or as the democrats call it helping the environment.
Wasn't PG&E a blue-chip stock in the 1970s-80s?
California can always pay to bury PG&E’s cables—utilizing Mexican labor.
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