As concerns about PG&E Corp.’s financial health spiral, California Governor Gavin Newsom (D) signaled that he’ll deal with the troubles plaguing the state’s largest utility as one of his first tasks in office, Bloomberg News reported. In his only public comments on the company since his inauguration, Newsom said that he’s working on PG&E matters “in real time” and is in talks with state energy regulators, members of the previous administration and incoming staff “to address the solvency” of the utility. PG&E investors are looking for any signs that state leaders are working to prevent a bankruptcy of the utility in the face of massive costs from deadly wildfires. The San Francisco-based company’s shares have plunged 28 percent in the past two days and its bonds dropped to all-time lows as concerns about its outlook deepen. The turmoil extended into Tuesday after S&P Global Ratings slashed the company’s credit grade to junk status, citing its limited options for managing its liabilities.
