California governor threatens state takeover of PG&E

California Gov. Gavin Newsom said on Friday that his administration is preparing a plan to take over PG&E should it fail to resolve its ongoing bankruptcy proceedings.

Why it matters: The embattled utility company is currently in bankruptcy court over its liability for fires that took place in 2017. At the same time, the company is dealing with the ongoing fire season in California and the added disruption to residents that widespread power shutoffs in October have caused.

Go deeper: Gov. Gavin Newsom Outlines Roadmap for Wildfires, Communities and Utility