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It exited bankruptcy three years later following the approval of a settlement agreement with the California Public Utilities Commission in which about $7.2 billion of the costs of the bankruptcy were assigned to the utility's customers. So the baseline case for PG&E is that it stays pretty much the same as it was before–with the same ownership and regulatory structure–but with a cleaner balance sheet that resolves its current obligations. This time around, part of PG&E's plan would be to raise over $30 billion from new debt and equity and cap how much it owes victims of wildfires in agreement with the bankruptcy judge and creditors.

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