San Jose to propose turning PG&E into giant customer-owned utility: WSJ

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(Reuters) – San Jose, California’s third-biggest city, is proposing to convert PG&E Corp (N:) into the country’s largest customer-owned utility, the Wall Street Journal reported on Monday, citing the city’s mayor.

Mayor Sam Liccardo said in an interview to the WSJ the city served by PG&E hopes to persuade other cities and counties in coming weeks to line up behind the plan.

The plan is to strip PG&E of its status as an investor-owned company and turn it into a nonprofit, electric-and-gas cooperative, the report https://on.wsj.com/2JaJWJg added.

Liccardo told the WSJ the time has come for the people dependent on PG&E for essential services to propose a new direction.

PG&E did not immediately respond to a Reuters request for comment.

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