This is critical infrastructure. The risks must be socialized IMO. That makes you wonder if power infrastructure should be left to private enterprise to the extent it now is, but frankly I doubt a state-owned company would have been better prepared, either. People want cheap energy either way. Requiring companies to be able to cover the costs of natural disasters would be politically difficult because it would raise energy prices to the consumer, regardless of ownership model.

I wonder what model of governance would properly account for rare disasters. A disaster fund? Of course, if wildfires become more common, as it seems likely, then in a sense this problem should solve itself one way or the other because it will not be possible to run a company like PG&E very long without being able to cover the costs incurred.