Yesterday, California Governor Gavin Newsom (D) laid out his intention to develop a comprehensive strategy around the bankruptcy of Pacific Gas & Electric (PCG). We view Newsom's willingness to address the issue head-on as a positive for investors. Newsom seeks a comprehensive solution - one which allows the state to continue to pursue energy policy goals, manage wildfire risks, and support investable utilities. As we've discussed with investors, our primary concerns around PCG and the other California utilities stem from our uncertainty around whether the state has the political will to stabilize the utility investment environment. We are optimistic that Newsom's strike team can lay the foundation for a future that is both politically acceptable and investable.