Calif. gov.: State could take over PG&E in wake of bankruptcy crisis | TheHill

“PG&E as we know it may or may not be able to figure this out. If they cannot, we are not going to sit around and be passive,” Newsom said at a press conference. “If Pacific Gas and Electric is unable to secure its own fate and future … then the state will prepare itself as backup for a scenario where we do that job for them.” 

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PG&E has recently come under intense scrutiny for cutting power to thousands of people as it tries to prevent wildfires. The company filed for bankruptcy in January while it was facing billions of dollars in claims tied to deadly fires. 

via thehill.com

There are only two options here, and each is worse than the other.