California Governor Gavin Newsom threatened a state takeover of PG&E Corp. unless the beleaguered utility giant makes a swift exit from bankruptcy and improves its operations to reduce wildfire risks.
“We are gaming out a backup plan if Pacific Gas and Electric is unable to secure its own fate and future,” Newsom said in a media briefing Friday. Among options being considered are a state-led restructuring of the utility, he said.
