PG&E’s potential losses there were so vast that the utility said it faced possible bankruptcy if it did not get some relief from the state. Those concerns prompted the state Legislature last month to approve a bill that would allow PG&E to borrow money for its 2017 wildfire costs while using funds collected from ratepayers to pay back the loan. PG&E lobbied lawmakers heavily for help, warning that Wall Street investors could downgrade the company’s credit rating without relief from the Legislature. The bill was controversial, with some calling it a bailout for a utility that should have been better prepared to deal with the wildfire danger.

Source: Los Angeles Times September 10, 2018 21:01 UTC