PG&E confirmed they hope to rescind costly power purchase agreements and reform its obsolescent business model during bankruptcy.

PG&E Corp. and its primary operating unit, Pacific Gas and Electric, filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code.

California fire investigators said Pacific Gas and Electric was not responsible for the Tubbs Fire, a blaze that leveled parts of Santa Rosa in 2017.

California Gov. Gavin Newsom named new members to the CAISO Board of Governors, along with the PUC and the state’s new commission on catastrophic wildfires.

On the steps of the California state Capitol, former state Sen. Noreen Evans said she believes PG&E won’t go through with Chapter 11 reorganization.

CAISO participants and companies that do business with Pacific Gas and Electric could end up paying a hefty price for the utility’s financial collapse.

PG&E Corp. and its subsidiary Pacific Gas and Electric will file for federal bankruptcy protection by Jan. 29, the companies announced.

Concern about Pacific Gas and Electric’s financial meltdown has spread as CAISO addressed worries about the utility’s potential to default on its payments.

The California PUC began implementing wildfire cost recovery provisions, as protesters argued against any effort to bailout PG&E for the deadly wildfires.

PG&E’s stock price sank lower Monday and Tuesday, dropping by more than 30% due to fears the company could go bankrupt or be broken up by the state.