Newsom Continues Threatening That State May Takeover PG&E
Sonora, CA — Unless changes occur over the coming months, California Governor Gavin Newsom says the state may try to take over PG&E.
Speaking at an event in Sacramento yesterday, the Associated Press reports that Newsom argued, “PG&E, that company no longer exists. There’s going to be a new company, or the state of California takes it over, and that new company is going to be transformed.”
Newsom has asked PG&E to replace its entire 14-member board of directors, along with company CEO Bill Johnson. Newsom also wants the utility to make around $50-billion worth of improvements to its electrical grid.
Meanwhile, an attorney for PG&E told a federal judge yesterday in San Francisco that the company vows to emerge from bankruptcy ahead of an upcoming June deadline.