Signing follows 18 months of unprecedented state intervention to transform PG&E and put safety, reliability and its customers at the center of its business model
SACRAMENTO – Today, Governor Gavin Newsom signed SB 350, which protects California by giving the state the authority to hold PG&E accountable if the company fails to adhere to public safety policies, and to put safety, reliability and its customers at the center of its business model. SB 350 builds on the framework set up by AB 1054, which was signed in July 2019, as well as on requirements set in motion by the California Public Utilities Commission (CPUC), the bankruptcy court and most importantly, by the Governor’s push for fundamental changes to transform PG&E into a utility that is reliable and accountable to its customers and to all Californians.
“No more business as usual for PG&E,” said Governor Newsom. “As we head into wildfire season amid a pandemic, Californians need to have confidence that their utility is focused on customer safety – preventing wildfire sparks and making critical safety upgrades. SB 350 marks a critical step in the transformation of PG&E into a utility that is accountable to those it serves – the people of California. I would like to recognize and thank the Legislature for taking action on this important legislation.”
SB 350, by Senator Jerry Hill (D-San Mateo), is being signed one day before PG&E is expected to conclude the bankruptcy case it filed in January 2019. The state won key victories in the company’s reorganization plan as a result of its intervention. These included sweeping governance and operational reforms, including a newly constituted board of directors, and billions of additional benefits to ratepayers, victims and the people of California. The state’s involvement also ensured that the company emerged from bankruptcy in a position to make massive upgrades necessary to deliver safe, reliable, clean electricity, and to swiftly compensate victims.
The California Public Utilities Commission approved PG&E’s bankruptcy plan on May 28 in a decision that placed enforceable requirements on PG&E to meet the mandates of AB 1054.
The Governor today also announced that he has signed the following bill:
- SB 300 by Senator Thomas Umberg (D-Santa Ana) – Elections: ballot measures.
For full text of the bills, visit: http://leginfo.legislature.ca.gov