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Gov. Gavin Newsom. Photo: Jane Tyska/MediaNews Group/The Mercury News via Getty Images

California Gov. Gavin Newsom notified Pacific Gas and Electric that he rejected the utility's bankruptcy plan on Friday, The Washington Post reports.

Why it matters: Newsom said PG&E falls "woefully short," lacking critical accounting and safety measures, corporate governance and capital structure requirements in the state's new wildfire liability law. The governor's rejection is a blow for PG&E, as the company hopes to emerge from bankruptcy in the coming months and begin compensating wildfire victims, the Post notes.

  • Last week, PG&E announced it had struck a $13.5 billion settlement to cover claims resulting from destructive California wildfires.

What he's saying: In a letter to PG&E, Newsom wrote, "The state remains focused on meeting the needs of Californians including fair treatment of victims, not on which Wall Street financial interests fund an exit from bankruptcy," per the Post.

The other side: PG&E defended its proposal, telling the Sacramento Bee on Friday that it was "the best course forward for all stakeholders."

What's next: The company must now revise its plan heavily in order to get Newsom's stamp of approval, per the Post.

Go deeper:

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The new Washington

Illustration: Sarah Grillo/Axios

The Axios subject-matter experts brief you on the incoming administration's plans and team.

Rep. Lou Correa tests positive for COVID-19

Lou Correa. Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images

Rep. Lou Correa (D-Calif.) announced on Saturday that he has tested positive for the coronavirus.

Why it matters: Correa is the latest Democratic lawmaker to share his positive test results after last week's deadly Capitol riot. Correa did not shelter in the designated safe zone with his congressional colleagues during the siege, per a spokesperson, instead staying outside to help Capitol Police.

Far-right figure "Baked Alaska" arrested for involvement in Capitol siege

Photo: Shay Horse/NurPhoto via Getty Images

The FBI arrested far-right media figure Tim Gionet, known as "Baked Alaska," on Saturday for his involvement in last week's Capitol riot, according to a statement of facts filed in the U.S. District Court in the District of Columbia.

The state of play: Gionet was arrested in Houston on charges related to disorderly or disruptive conduct on the Capitol grounds or in any of the Capitol buildings with the intent to impede, disrupt, or disturb the orderly conduct of a session, per AP.