PG&E is publicly traded (PCG.SG), the debate in the capitol is how much those stock holders should pay (through reduced dividends) vs. ratepayers.

PG&E is making the argument that the cost to too high to be paid off by investors. If they state allows the cost to be fully covered by rate payers (keeping profits margins unchanged) what is the incentive for PG&E to take actions that reduce fire risks in the future?

This issue has come up in the past as well, e.g. the San Bruno pipeline explosion and what resulting safety upgrades should be financed though state approved rate increases vs. investors (reduced profits)