Pacific Gas & Electric (PG&E) announced Jan. 14 a plan to file for Chapter 11 bankruptcy and Pasadena-area Assemblyman Chris Holden (D) responded with assurances that ratepayers and victims of the Woolsey fires were his primary concern.
“The report of PG&E’s likely bankruptcy is deeply concerning news for the state, fire victims, and ratepayers,” Holden said in a Jan. 14 press statement. “We don’t want to see the victims victimized again.”
Holden pledged to work with Gov. Newsom, the legislature and the California Public Utilities Commission to, “ensure that the interests of fire victims are protected and ratepayer expectations for safe, affordable and reliable power needs are met.”
PG&E said Jan. 14 that it had provided the legally required, 15-day notice of its intention to reorganize under Chapter 11 of the U.S. Bankruptcy Code by Jan. 29.
The company said it expects the move will “support the orderly, fair and expeditious resolution of its potential liabilities resulting from the 2017 and 2018 Northern California wildfires” and ensure it has access to the resources necessary to continue operations.
Holden has floated the idea of introducing legislation to protect PG&E from possible bankruptcy as a result of its exposure to liability from the Woolsey fire.