SACRAMENTO – Governor Gavin Newsom sent a letter today to executives at the Pacific Gas & Electric Company (PG&E) after learning the company plans to reconstitute its board with hedge fund financiers, out-of-state executives and others with little or no experience in California and inadequate expertise in utility operations, regulation and safety.
The letter reads below:
March 28, 2019
Interim CEO, Pacific Gas & Electric
77 Beale Street
San Francisco, CA 94105
I am troubled to learn that PG&E is primed to reconstitute its board with hedge fund financiers, out-of-state executives and others with little or no experience in California and inadequate expertise in utility operations, regulation and safety.
With this move, PG&E would send a clear message that it is prioritizing quick profits for Wall Street over public safety and reliable and affordable energy service.
Time and again, PG&E has broken the public trust and its responsibilities to ratepayers, wildfire victims, and employees. This board appears to be more of the same. It raises serious doubts about the company’s commitment to make changes needed to deliver safe, reliable and affordable power to Californians.
California deserves better. I strongly urge you to reconsider and appoint board members who understand the imperative for change and the need to prioritize the interests of the people of California. PG&E’s board should be comprised by a majority of Californians who have experience as regulators, safety experts and clean energy leaders. Any new board member should be resolved to change the culture of the company, understand the concerns of ratepayers and demonstrate a commitment to the fair treatment of wildfire victims and employees.
California Governor Gavin Newsom