You turn it into a co-op. California can afford to based on what its residents are already burning in fiat on allowing PG&E to exist, and it's the world's fourth largest economy. Far smaller economies of entire countries have nationalized electrical grids (France is in the process of nationalizing EDF, for example, at a cost of $9.7B; to do so in California would be closer to $2.5B). Your expenses are then governed by stakeholders within the state of California instead of shareholders sucking profits out of a dysfunctional public utility. Taxpayers already subsidize PG&E, so that's not an excuse against nationalizing, they've already Crossed The Rubicon with regards to ongoing state support; any profits shareholders have/would receive are potential re-investments back into the infrastructure. Why are taxpayers subsidizing PG&E shareholders? Subsidize the infrastructure directly!

https://www.nytimes.com/2020/02/07/business/pge-bankruptcy-n...

https://www.eastbaydsa.org/campaigns/pge/

https://www.thenation.com/article/archive/wildfires-californ...

https://calmatters.org/politics/2020/02/what-happens-if-cali...

https://threadreaderapp.com/thread/1182562176667512833.html

https://www.mercurynews.com/2022/04/28/pge-revenue-profit-ri...