Editorial: It's no government takeover of PG&E, but it's still a possibility for the state's most dangerous utility (via latimesopinion)
in light of the massive utility-sparked fires in recent years and the bungled “public safety power shutoffs” last fall. But the deal that Gov. Gavin Newsom struck with Pacific Gas & Electric last week to let the state’s largest and most dangerous utility exit out of bankruptcy will bring some badly needed new oversight — and possibly new ownership.will allow PG&E to continue operating, but only under an unprecedented level of government oversight and regulation.
In addition, shareholders won’t be paid dividends for three years and the Public Utilities Commission will have more power to step in to preempt problems with the utility’s management, rather than just the power to fine the company after it does something wrong. And if PG&E fails to hold up its side of the bargain or exit bankruptcy by the June 30 deadline? Under the deal with Newsom, the utility will have to sell its operation to a nonprofit entity for a price determined by a formula spelled out in the agreement. Think of it as the takeover trigger pointed at the utility’s head.
Ideally, PG&E’s deal with Newsom marks the beginning of the end of this sad saga. In these difficult times, the last thing Californians need to worry about is whether their power company can keep the lights on without setting more wildfires.
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