California's Two Remaining Utilities Are One Fire Away From Bankruptcy | WHAT REALLY HAPPENED


California's Two Remaining Utilities Are One Fire Away From Bankruptcy

Two weeks after California's largest utility PG&E filed for bankruptcy protection (marking its second bankruptcy in 20 years), Bloomberg is sounding the alarm that California's two other large electric utilities are just one wildfire away from bankruptcy filings of their own - a fact that was underscored last month when S&P slashed their credit ratings to near-junk status.

And to the chagrin of California residents, Gov. Gavin Newsom has done nothing to ease these anxieties, leaving large swaths of the largest state in the union without solvent utility companies (a situation that would likely lead to massive rate hikes on California's already heavily taxed consumers).

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