San Francisco, CA — The state’s largest utility, Pacific Gas and Electric Company, is planning to file for chapter 11 bankruptcy.
The announcement today comes one-day after its CEO, Geisha Williams, resigned. The company is planning to file for voluntary reorganization on or about January 29. It is required to give employees at least a 15 day-notice before a change in control of the company. The announcement comes as the investigation continues into the cause of the deadly Camp Fire in Paradise this past summer. The San Francisco based company serves over 16 million residents across northern and central California. It does not expect the filing to impact electric or natural gas customers.
Governor Gavin Newsom has issued a statement, “When I took office one week ago today, I immediately instructed my team to meet with the California Public Utilities Commission, CAISO, PG&E, and labor unions representing the workers who work for PG&E. My staff and I have been in constant contact throughout the week and over the weekend with these stakeholders and regulators. Everyone’s immediate focus is, rightfully, on ensuring Californians have continuous, reliable and safe electric and gas service.”