Public Takeover Of PG&E: A Radically Common-Sense Proposal
California’s large investor-owned utility, Pacific Gas & Electric (PG&E), announced it would be filing for bankruptcy by the end of the month after being faced with $30 billion in damages related to a series of fires over the past two years, including last fall’s deadly Camp Fire, which was allegedly sparked by the utility’s old, faulty transmission lines. That fire killed 86 people, destroyed 14,000 homes in the town of Paradise, and stands as the deadliest and most destructive fire in the state’s history. PG&E’s bankruptcy forces a critical choice for new California Gov. Gavin Newsom and other state leaders. They could opt to bail out PG&E, or break up the gargantuan company into presumably more manageable pieces.