PG&E Shares Plummet on Bankruptcy Talk

PG&E, California's largest electric utility, is facing $30 billion in liabilities due to wildfires in 2017 and 2018. With a shrinking market cap, there are concerns about its ability to pay claims, potentially leading to bankruptcy. The state legislature and regulators may need to intervene to provide financial support. Newly sworn-in Governor Gavin Newsom is expected to play a significant role in addressing the issue, following the stance of former Governor Jerry Brown, who opposed utility bankruptcy. Newsom has expressed urgency in resolving the utility's concerns.

What are the main financial challenges faced by PG&E as mentioned in the text?

How much in liabilities is PG&E facing due to the wildfires?

What actions might the state legislature and regulators need to take concerning PG&E?

What role is expected of Governor Gavin Newsom regarding PG&E's situation?

What was the previous governor's stance on utilities going bankrupt due to wildfires?