California governor, lawmakers confront utility bankruptcy

The announcement by the nation's largest utility that it is filing for bankruptcy puts Pacific Gas & Electric Co.'s problems squarely in the hands of Gov. Gavin Newsom and state lawmakers, who now must try to keep ratepayer costs down, ensure wildfire victims get the money they're owed and rethink California's energy picture in the face of climate change.  "This issue is all about three fundamental things: It is about safety, it's about reliability and it's about affordability," Newsom told reporters after spending the day in and out of meetings with lawmakers about the pending bankruptcy. The filing would not make the lawsuits disappear, but would result in all wildfire claims being consolidated into a single proceeding before a bankruptcy judge, not a jury. That could shield the company from excessive jury verdicts and buy time by putting a hold on the claims."The chances of victims getting what they would've gotten without a bankruptcy are not good," said state Sen. Bill Dodd, a Napa Democrat.