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California Proposes Way for Stripping PG&E of License

  • California top regulator offers changes to bankruptcy plan
  • PG&E needs state approval to tap into wildfire insurance fund
Gavin Newsom
Gavin NewsomPhotographer: Michael Short/Bloomberg
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California Governor Gavin Newsom has said he wants the option to take over bankrupt PG&E Corp. if the utility gets into trouble again. Now, the state has laid out a roadmap for how that could happen.

As part of proposed changes to PG&E’s reorganization plan, California Public Utilities Commission President Marybel Batjer suggested a process Tuesday through which the state could revoke PG&E’s operating license if the utility commits serious safety violations and doesn’t adequately address them.