California Gov. Gavin Newsom (D) said yesterday that Pacific Gas & Electric Corp. plans to remake its board of directors with hedge fund financiers and people who have little experience in utility operations and safety, and he urged the utility’s leader to change course, the Associated Press reported. “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,” Newsom said in a public letter to John Simon, the utility’s interim chief executive. The San Francisco-based utility is in the midst of chapter 11 bankruptcy proceedings after it said that it could not afford billions of dollars in liability related to deadly California wildfires in 2017 and 2018. It had previously announced plans to replace most of its board by its annual shareholder meeting in May. But the company has not announced its slate of candidates for the new board. Newsom’s office was briefed by PG&E executives on their proposed slate in recent days, spokesman Nathan Click said. The governor’s office is not releasing the names either.
