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PG&E pledges to shake up board in bid to placate California

PG&E
Posted at 11:47 AM, Feb 01, 2020
and last updated 2020-02-01 14:47:38-05

SAN FRANCISCO (AP) - Pacific Gas and Electric is pledging to overhaul its board of directors in an attempt to avoid a potential takeover attempt by the state of California.

The promise to shake things up came late Friday as the nation's largest utility tries to emerge from bankruptcy by June 30. But to make that deadline, PG&E still must win over Gov. Gavin Newsom, who wants the company to replace its entire 14-member board before it can gain the support it needs from him.

PG&E needs Newsom's backing to qualify for coverage from a special insurance fund California set up after the utility's equipment ignited a series of deadly wildfires.