PG&E shares rocket higher after PUC boss says utility will be kept afloat amid wildfire uncertainties
At the same time, the PUC has decided to open an investigation into
But PUC President
The utility's stock was propelled higher after Picker, who is president of the PUC and the commission's top boss, participated in a conference call arranged by
New legislation known as SB 901, signed by Gov.
This legislation, for which
That and other protections could mean
"An essential component of providing safe electrical service is the financial wherewithal to carry out safety measures," Picker said in a prepared release.
State regulators on Friday indicated the provisions of SB 901 would be applied to guard against a bankruptcy for the utility.
"A utility filing bankruptcy is not in the best interest of consumers, but that decision is not the PUC's," PUC spokeswoman
"We agree with PUC President Picker's statement that an essential component of providing safe electrical service is long-term financial stability,"
Picker also indicated that it may be time to take a look at
"I will open a new phase examining the corporate governance, structure, and operation of
State Sen.
"I've been saying all week that we need to take a look at
"It was clear that with the
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