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PG&E Takeover Bill Advances in California Legislature (1)

June 16, 2020, 12:12 AM; Updated: June 16, 2020, 12:30 AM

California’s Assembly passed a bill Monday that would allow the state to create a nonprofit public-benefit corporation to acquire PG&E if the utility does not meet certain bankruptcy deadlines or fails to perform required safety work.

SB 350, which heads to the Senate to agree to amendments and then on to the governor, would allow the state to create Golden State Energy to serve PG&Es existing gas and electric customers.

• The state’s largest utility filed bankruptcy in January 2019 as it was facing billions in liability costs after transmission equipment was found to have ignited the 2018 Camp ...

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