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Photo: Justin Sullivan/Getty Images

Nearly two dozen California mayors and county leaders — including San Jose and Sacramento — are pressing state regulators to help them transform the embattled, bankrupt power giant PG&E into a customer-owned cooperative.

Why it matters: Their new letter to the California Public Utilities Commission shows how PG&E's power shutdowns amid wildfire risk and overall performance are prompting calls for a seismic re-think of its structure.

  • The CPUC has a key oversight role in the company's bankruptcy reorganization and recently launched a probe of power shut-offs that have affected millions.

What they're saying: The local officials argue that a cooperative structure would help provide tens of billions of dollars needed for "system hardening, wildfire protection and cyber-security."

  • "A mutualized PG&E can raise capital from a broad pool of debt financing in amounts substantially greater than can an investor-owned PG&E, and at much lower cost," it states.
  • PG&E opposes the plan, per the Wall Street Journal, which reported yesterday on the city and county proposal.

Where it stands: California Gov. Gavin Newsom met yesterday with PG&E's CEO Bill Johnson and "reiterated the state’s frustration with PG&E and strongly urged the parties get to a resolution that ensures what we saw over the last month never happens again and results in a transformed utility," his office said.In recent days Newsom has threatened a state takeover of the company.

The big picture: "Some of Wall Street's biggest names are jostling for control of the utility, including a group of bondholders led by billionaire Paul Singer’s Elliott Management Corp.," Bloomberg reports.

Go deeper ... California wildfires: What you need to know

Go deeper

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: WHO: AstraZeneca vaccine must be evaluated on "more than a press release."
  2. Politics: Supreme Court backs religious groups on New York COVID restrictions.
  3. Economy: Safety nets to disappear in DecemberAmazon hires 1,400 workers a day throughout pandemic.
  4. Education: U.S. public school enrollment drops as pandemic persists — National standardized tests delayed until 2022.
  5. Cities: Los Angeles County issues stay-at-home order, limits gatherings.
  6. World: London police arrest dozens during anti-lockdown protests — Thailand, Philippines sign deal with AstraZeneca for vaccine.

Tony Hsieh, longtime Zappos CEO, dies at 46

Tony Hsieh. Photo: FilmMagic/FilmMagic

Tony Hsieh, the longtime ex-chief executive of Zappos, died on Friday after being injured in a house fire, his lawyer told the Las Vegas Review-Journal. He was 46.

The big picture: Hsieh was known for his unique approach to management, and following the 2008 recession his ongoing investment and efforts to revitalize the downtown Las Vegas area.

Dan Primack, author of Pro Rata
8 hours ago - Economy & Business

The unicorn stampede is coming

Illustration: Annelise Capossela/Axios

Airbnb and DoorDash plan to go public in the next few weeks, capping off a very busy year for IPOs.

What's next: You ain't seen nothing yet.