- More than 110 Northern California city and county officials are now proposing to turn utility giant PG&E (NYSE:PCG) into a customer-owned cooperative.
- The coalition led by the city of San Jose includes officials from 58 cities and 10 counties who represent more than 8M residents, according to San Jose's Mayor Liccardo.
- San Francisco has been trying to buy PG&E's equipment within its city limits for $2.5B, but backers of the co-op proposal are taking a different approach, saying they want to keep the company's service territory intact so that residents of rural, fire-prone areas do not face a steep increase in costs.