California Gov. Gavin Newsom is demanding changes to PG&E Corp.’s plan to pay wildfire victims and exit bankruptcy, saying the company’s current proposal “falls woefully short” of a law outlining requirements that would allow the utility to receive state assistance.

In a letter Friday to PG&E, the Democratic governor said the company’s plan “fails to address most of the issues we previously raised,” including a transformed corporate board and sufficient financial stability to make major safety investments.

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