‘California deserves better.’ Gavin Newsom rips PG&E plan that would ‘prioritize’ profits

The letter was extraordinary in part because PG&E has yet to actually release its new board of directors slate. Previously, the company has promised to replace at least five of 10 current board members to restore “trust and credibility” and improve its safety culture.

Pacific Gas and Electric Co., responding to Newsom’s letter, said: “We understand and recognize the serious concerns expressed by the Governor and share the Governor’s urgency for action. We recognize the importance of adding perspectives to the Board that will bring about the right changes in safety, as well as help address the serious operational and financial challenges the business faces now and in the future.”

PG&E in late January after saying its liabilities from the 2017 and 2018 wildfires could hit $30 billion. The bankruptcy filing has prompted speculation that Pacific Gas and Electric Co. could be forced to sell off major parts of its business to repay its creditors. At the same time, the Public Utilities Commission and state legislators are wrestling with how to ensure that wildfire survivors are made whole but utility rates are kept in check.