(Reuters) – A California lawmaker has introduced a bill aimed at making PG&E Corp (PCG.N) a publicly owned utility, a year after liabilities from wildfires traced back to some of its equipment pushed the power producer into bankruptcy.

“Today I’m introducing legislation to force PG&E to become a publicly owned utility,” California State Senator Scott Wiener said on Monday, adding it was time for a new approach at the utility company.

“PG&E has failed. It’s failed on safety & reliability. PG&E has forfeited its privilege to operate as an investor-owned monopoly in California,” he said in a tweet bit.ly/2v317Ik.

The company said it opposed the bill from Wiener.

“PG&E’s facilities are not for sale,” a company spokesman told Reuters in an emailed statement.

“Changing the structure of the company would not create a safer or cleaner operation. Recent takeover attempts have largely failed due to a range of factors,” the spokesman said.

The power producer said on Saturday it had submitted an updated reorganization plan including a new board of directors and new roles aimed at addressing concerns raised by California Governor Gavin Newsom.

Newsom last month rejected an earlier PG&E reorganization plan saying it lacked major changes in governance and tougher safety enforcement mechanisms mandated under a recent state wildfire statute.

The company filed for Chapter 11 protection in January last year, citing potential liabilities in excess of $30 billion from deadly wildfires in 2017 and 2018 linked to its equipment.

Separately, it came under renewed criticism last year for precautionary power outages to guard against the risk of wildfires posed by extremely dry and windy weather.

Reporting by Kanishka Singh in Bengaluru; Editing by Christopher Cushing

Source

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Ben Chu The government’s gamble on a V-shaped recovery is looking questionable

When sorrows come they come in battalions. And there was a double whammy of economic bad news for ministers on Tuesday – first from the disappointing GDP figures for May and second from the pessimistic fresh projections from the Office…

Coronavirus: Rush to develop rapid tests

If you are only coughing, that’s not enough. If you want to be tested for SARS-CoV-2, as a rule, you not only have to have symptoms, but you also have to have been in contact with someone who was infected.…

Huami banks on AI to consolidate wearables push

Huami Corp, the US-listed maker of smart wearables, has stepped up its push into artificial intelligence technologies by unveiling new chips and setting up an AI research institute. The company has inked a partnership deal with renowned Chinese respiratory expert…

Rural telecom networks would spend $1.8 billion to remove Huawei, ZTE equipment: FCC

WASHINGTON (Reuters) – U.S. rural telecommunications networks, which have relied on inexpensive equipment from Chinese’s Huawei Technologies Co [HWT.UL] and ZTE Corp (000063.SZ), have told the government that it would cost $1.837 billion to replace those switches and routers, the…