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Photo: Justin Sullivan/Getty Images

California’s largest utility PG&E filed for Chapter 11 bankruptcy protection Tuesday, expecting to face liability costs from its potential role in deadly wildfires across the state. The filing marks a significant milestone for corporations being forced to reckon with the consequences of climate change.

The backdrop: The company said it planned to file for bankruptcy protection earlier this month. Over the last few weeks, it maintained that the filing was necessary despite being cleared of fault for the 2017 Tubbs wildfire, which would lower potential liability costs. It also faced threats of a proxy battle from major shareholder BlueMountain Capital Management and a $4 billion proposal from a consortium of investors to help the company remain solvent. PG&E asked the court for access to the $5 billion debtor-in-possession financing to keep up services throughout the bankruptcy process.

Go deeper

House will transmit article of impeachment to Senate on Monday, Schumer says

Photo: Drew Angerer/Getty Images

Senate Majority Leader Chuck Schumer (D-N.Y.) announced that the House will deliver the article of impeachment against former President Trump for "incitement of insurrection" on Monday.

Why it matters: The Senate is required to begin the impeachment trial at 1 p.m. the day after the article is transmitted.

Dan Primack, author of Pro Rata
32 mins ago - Politics & Policy

Private equity bets on delayed tax reform in Biden administration

Illustration: Brendan Lynch/Axios

In normal times, private equity would be nervous about Democratic Party control of both the White House and Congress. But in pandemic-consumed 2021, the industry seems sanguine.

Driving the news: Industry executives and lobbyists paid very close attention to Treasury Secretary nominee Janet Yellen's confirmation hearings this week, and came away convinced that tax reform isn't on the near-term agenda.

Ben Geman, author of Generate
2 hours ago - Politics & Policy

New Energy Department roles look to animate Biden's campaign themes

Illustration: Annelise Capossela/Axios

The burst of Biden administration staffing picks announced yesterday revealed that the Energy Department (DOE) has newly created roles that reflect what President Biden called campaign priorities.

Driving the news: One new position is "director of energy jobs," which is being filled by Jennifer Jean Kropke. She was previously the first director of workforce and environmental engagement with Local 11 of the International Brotherhood of Electrical Workers.