Major California Utility to declare bankruptcy
Might make things interesting for the Grid in California. I can even imagine a situation where the government of California decides to sue PG&E into oblivion and then institute a takeover in the name of "preserving service". Then you'll see the prices really start to skyrocket AND we'll see more forest fires. This is Atlas Shrugged writ large.
Not surprised at all. The way PG&E power lines are set up, just by looking at them you know it is not going to end up good.
The State is home to high winds and drought in the summer. I lived in Sonoma for a while and we had power outages practically every other month due to power lines being damaged by storms. When you have high winds driving the flames, disaster is inevitable.
Add to this the inane politics of banning controlled fires to get rid of underbrush in forested areas and you soon arrive to the state PG&E is now at.
The CEO left in December.
The solution, whatever it might be, will not help rate payers. You can bet on that. I can even see the State bailing out PG&E and have Californians pay for it.
Anything is possible with the new Gov Newsom in place. He is to the left of Moonbeam if that is possible.
He just declared that CA will add all illegal aliens to the State healthcare plan.