The San Francisco Public Utilities Commission reportedly hired a financial adviser for its potential acquisition of PG&E Corp.'s distribution assets.

The regulatory body tapped Jefferies LLC, according to a June 4 report from Reuters, which cited the commission's press secretary, Will Reisman. Neither Reisman nor a representative for Jefferies immediately responded to requests for comment.

As PG&E Corp. and subsidiary Pacific Gas and Electric Co., which filed for Chapter 11 bankruptcy protection in January, have struggled to hammer out a reorganization plan in recent months, the companies' home city has floated a scenario in which it would purchase the utility's distribution assets in a bid for "total power independence."

PG&E Corp. closed at $18.72 per share June 4, up from $18.02 per share at market open.