"The state’s three investor-owned utilities, Pacific Gas & Electric, Southern California Edison and San Diego Gas and Electric, aren’t in imminent financial danger and last year saw profits rise. But fire costs have contributed to Californians paying the second-highest electricity rates in the country, and lawmakers and Newsom’s office worry that if it becomes harder for utilities to borrow money those bills will continue to climb. " - from the article, emphasis added.

Kinda speaks for itself.