AP: PG&E files for bankruptcy. The utility’s 13 million customers probably will be among the least affected, since bankruptcy proceedings allow companies to continue operating while trying to dig out of their financial hole.
Really? When this hits the courtroom, the parties with legal standing will be creditors, and the judge will be looking to get them the best possible deal. Ratepayers aren’t creditors.
Naturally, the filing came as a total surprise (Reuters) to California’s what-me-worry governor, Gray Davis. This guy hasn’t had a clue since the energy crunch hit, by all available evidence. Why should he start getting one now?