California regulator lays groundwork for PG&E bailout
Michael Picker, president of the California Public Utilities Commission, said his agency does not want PG&E and the state’s other investor-owned utilities to file for bankruptcy. In a move he conceded was unusual, he briefed investors and analysts on his views before issuing a public statement Thursday, a decision that may have contributed to the stock’s after-hours surge.
The commission, Picker said, will soon begin to implement a provision in a new state law through which utilities can pass wildfire costs along to their customers.
https://www.sfchronicle.com/california-wildfires/article/California-regulator-lays-groundwork-for-PG-E-13397247.php