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Bloomberg
Utility giant PG&E Corp. capped its best day since going bankrupt in January thanks to California’s governor.
Gavin Newsom called on lawmakers to find a way to help the state’s utilities cover the costs of devastating wildfires — costs so crippling that PG&E was forced to file for Chapter 11 in January while facing $30 billion in liabilities. He issued a report outlining possible solutions — including an insurance fund utilities could tap into — sending the clearest signal yet that California will move to keep its power companies solvent.
“We all have a burden and a responsibility to assume the costs,†Newsom said in a news conference when the report was released. As a result of the wildfires, he said, “We are in a very precarious state.†Newsom, a Democrat, asked for legislation to be passed by July 12. His party holds the majority in the state
legislature.
PG&E, which didn’t immediately respond to a request for comment, jumped 21 percent to $23.08.