Posted on 12/14/2019 7:14:36 AM PST by tcrlaf
California Governor Gavin Newsom on Friday rejected a bankruptcy reorganization plan submitted by PG&E Corp (PCG.N), the state’s largest investor-owned utility, saying its proposal fails to meet the requirements of a recently enacted wildfire The decision by Newsom, sent to PG&E in a letter, complicates the company’s push to exit bankruptcy and provide billions of dollars to victims of devastating wildfires in 2017 and 2018 sparked by the utility’s power lines.
The embattled utility now has until Tuesday to further amend its plan to Newsom’s satisfaction, but his criticism of the reorganization package as it was presented by PG&E a day earlier was sweeping.
Newsom said the plan lacks “major changes in governance” and tougher safety enforcement mechanisms mandated under the state wildfire statute, known as Assembly Bill 1054, which was enacted in July.
(Excerpt) Read more at reuters.com ...
“”””...its proposal fails to meet the requirements of a recently enacted wildfire
WTH does this mean? “”””””””””””
I think it means ORANGE MAN BAD or something.
Higher utility rates and higher taxes are coming. They already have the highest rates in the country. It will drive more industry out of the state.
It seems to me that PG&E is a public utility, ie there are owners / share holders. How does Knew-some exert this sort of dictatorial power over the rightful owners of a recognized financial entity?
> The state azz-clowns don’t not have the expertise, talent and/or experience to run it. <
Yep. But if the state does take over PG&E, watch how quickly the news reports will change. Instead of blaming PG&E management, the media will say that the wildfires and power outages are all due to unavoidable climate change.
Yet another lib idiot elected in California. I hate this f^^king state and can’t wait to get the hell out.
Hahahaha. I laugh at this leftist idiocy and corruption. LOL.
Shut up and make the electricity flow!
P&G is just the private money bags to shift utilities to the incompetent State. Blackouts forever.
He has a (D) after his name, and the 9th district has his back.
Sounds like the same “deal” Stalin offered to Ukrainian farmers.
the bankruptcy court will listen to this politician given his election as governor, but the decision is still with the court...
if Newsom has included a practical means for PGE to comply with his demands, then the court may well go along with him
if Newsom has only shot off demands with no way for PGE to comply with him, then the court may well decline the demands
I don't know if it is a cut and paste error in the excerpt or a now fixed typo at Reuters.
why is an elected govt official butting his nose into the legal affairs of business?.....
South Africa’s power systems are doing so well, too, after kicking whitey out.
PG&E should just hand over everything to CA and watch the results. After all, CA is the Venezuela of the future, so why not just speed things up?
Those of us on the sane side of the country can reenter and start anew after the Big One finishes things off.
“....the 9th district has his back.”
Not any more since Trump replaced a few of them for a conservative majority. Besides if PG&E pulls the plug, he’ll have to go back to candles real quick and do all his paperwork without computers. He’ll get the opportunity to act like Lincoln 140 years ago. Maybe he’ll reconsider his strong arms tactic when it bites him on the arse.
rwood
The political risk for any company whose primary service area is California is extreme.
Not long before PG&E throws up their hands and walks away. Then Newsom will seize and nationalize the electric system and electrical blackouts will become the Venezuelan way of life. Fascinating how liberal evolution works.
And how many shareholders would get hammered as a result of that?
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