RE:PG & E
It could and very much SHOULD be a high risk sector for any utility, who like PG&E, has failed for decades to make appropriate upgrades to their distribution infrastructure, creating the dangerous conditions that have resulted in the several gas explosions, utility-induced wildfires and rolling blackouts for millions across California.
PGE is a model of mismanagement and should serve as a cautionary tale for how things can go severely wrong when a privately-owned utility company has an inappropriately "cozy" relationship with the revolving-door Public Utilities Commission put in place to regulate it. Commissioners and high-level PGE executives regularly play musical chairs, switching high-paying roles from regulator to regulated creating an environment where so-called regulation is just a sham, essentially allowing PGE to "regulate" itself. We've been and are still now reaping the fruits of that inappropriate relationship.