Posted on 01/14/2019 7:51:24 AM PST by C19fan
PG&E Corp. stock cratered Monday after the company said it will file for Chapter 11 bankruptcy protection amid the financial anguish stemming from its part in helping spark a wave of historic wildfires in California.
Shares of the company dropped nearly 50 percent in early trading Monday, one day after the company said Chief Executive Geisha Williams was stepping down.
The company provided the official 15-day advance notice that it and its wholly owned subsidiary, Pacific Gas and Electric, intend to file petitions to reorganize under Chapter 11 of the U.S. Bankruptcy Code on or about Jan. 29.
(Excerpt) Read more at cnbc.com ...
Who didn’t see this coming? Next step. California Takes it over.
Newsome will take control of the utility and then California will go dark........................
Turn off the power and sell off your equipment then blame the State ,LOL
In progressive California, even the widows and orphans get screwed.
Coming soon: Rate hikes!
I know of at least LA, SD, and Sacramento have publicly owned electric providers.
The California Commies now have their own utility company to play with. The people of that state will have even more government in their face, but hey you get what you pay for and what you vote for too!
So, on top of radical socialist Newsom and all his freebie giveaways, we are now going to see our already sky-high utility prices zoom to the stratosphere.
The one-two Newsom / PG&E punch is going to really make more people think about leaving the (former) Golden State.
How bizzare, a fire requires 3 things, a spark, fuel, and oxygen. PGE only supplied 1 of the 3.
The politicians get the gold mine, and the investors get the shaft.
And that hispanic female named Geisha something or other just upped and quit with no official explanation (although we all know why).
Not even the obligatory “Need to spend more time with the family”.
I read that and wonder what exit package she received for less than two years on the job.
They buy a lot of power from various investor owned utility companies.
There are about 50 municipal electric utilities scattered throughout CA (San Diego is not one of them, BTW). They serve about 20% of the customers in the state but purchase their power from privately owned companies, for the most part. The larger ones may have local power plants or hydro-electric generation and all have some solar. But they all depend on the PG&E, Edison or San Diego G&E to some extent.
They just need to model PG&E like SMUD, which is actually well-admired across the USA.
Waiting for the lawsuit over the 15 days notice to employees before entering bankruptcy for a publicly traded company. This seems like a conflict between federal and state law.
If CA does take it over I don’t see why Pres Trump can’t declare an emergency at the border.
They learned in the Erin Brockovich thing thirty years ago that no jury in California would ever vote to acquit them. May as well hand the keys to Sacramento.
PG&E provides electricity to some parts in Sacramento.
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