'California deserves better.' Gavin Newsom rips PG&E plan that would 'prioritize' profits
Gov. Gavin Newsom accused PG&E Corp.s top executive Thursday of paying lip service to public safety, saying the troubled utility is planning to stock its board of directors with hedge-fund managers and others interested only in prioritizing quick profits.
In a blistering letter to interim Chief Executive Officer John Simon, the governor belittled PG&Es plan to overhaul its board of directors and said the company is ignoring candidates with experience in wildfire safety.
I am troubled to learn that PG&E is primed to reconstitute its board with hedge fund financiers, out-of-state executives and others with little or no experience in California and inadequate expertise in utility operations, regulation and safety, Newsom wrote.
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 added. Time and again, PG&E has broken the public trust and its responsibilities to ratepayers, wildfire victims, and employees. This board appears to be more of the same.
Read more: https://www.sacbee.com/news/state/california/article228542594.html