A coalition of public officials representing 5 million Californians — including 22 mayors — wants to see PG&E emerge from bankruptcy as a customer-owned cooperative. And they're asking state regulators to help.

In a letter sent Tuesday to the California Public Utilities Commission (CPUC) and Gov. Gavin Newsom, the group of mayors and county supervisors argues that the two factions currently vying for control of the bankrupt utility are made up of "Wall Street titans" concerned only with "a short-term desire to maximize financial gain," and that a co-op structure would go further toward making PG&E a financially stable company capable of addressing its operational challenges while also regaining the public trust.