California governor, lawmakers confront utility bankruptcy

The announcement by the nation's largest utility that it is filing for bankruptcy puts Pacific Gas & Electric Co.'s problems squarely in the hands of Gov. Newsom and state lawmakers, who now must try to keep ratepayer costs down, ensure wildfire victims get the money they're owed and rethink California's energy picture in the face of climate change.

Newsom told reporters after spending the day in and out of meetings with lawmakers about the pending bankruptcy "This issue is all about three fundamental things: It is about safety, it's about reliability and it's about affordability." Earlier in the day, PG&E announced it will file for Chapter 11 bankruptcy as it faces at least $30 billion in potential damages from lawsuits over catastrophic California wildfires in 2017 and 2018 that killed scores of people and destroyed thousands of homes. The announcement kicked off a 15-day window before the official filing. Newsom said he'd like to stave off the bankruptcy but it may not be possible.