PG&E would be replaced by a non-profit company called Golden State Energy if the disgraced utility operates unsafely and causes more catastrophes such as wildfires or explosions, under the provisions of a proposed state bill to be debated before a legislative panel Thursday.
The legislation, SB 350, is wending its way through the state Legislature as PG&E nears a successful emergence from a $51.69 billion bankruptcy that was filed amid mounting debts and liabilities after a string of lethal wildfire catastrophes that the utility caused.