California PUC chair says state won't let PG&E go bankrupt

California's head utility regulator said Thursday he does not want utility Pacific Gas and Electric (PG&E) to go bankrupt over escalating costs related to California's record wildfire season, sending shares soaring in after-hours trading. California Public Utilities Commission (CPUC) Chairman Michael Picker reportedly told financial analysts his agency would begin implementing a new state law that allows utilities to pass fire costs onto customers, while also expanding a probe into PG&E's corporate governance.Picker's announcement came after PG&E's power lines were linked to the ongoing Camp Fire in Northern California and PG&E withdrew all of its revolving credit lines, a move that can presage a bankruptcy filing. The utility's equipment was found responsible for 16 fires last year and this week its credit rating was downgraded by Moody's Investor Service and S&P.