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The plan is coming together..Governor threatens possible PG&E takeover if no plan is made
Fox Business ^ | 11/2/19 | Fox Business

Posted on 11/02/2019 6:03:06 AM PDT by srmanuel

if you have been paying attention, this was an obvious action by the socialists in California.

First put onerous regulations on the Utility Companies, then when the wildfires happen and burn down hundreds of homes, the legal damages cause the Utility Companies to go bankrupt resulting in Government run Utility Companies....which putting the Government in the business of owning utility companies will solve all the problems.


TOPICS: Government
KEYWORDS: california; calizuela; energy; power; socialism; wildfires
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To: HangnJudge

That’s essentially what will happen, the only problem is given the political climate in California, no reputable company will buy the assets and be subject to the same laws that bankrupted PG&E to begin with...

The only one left is the State Government who will get the assets relatively cheaply...

The current stockholders of PG&E stock are going to get wiped out....


21 posted on 11/02/2019 6:29:44 AM PDT by srmanuel
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To: trebb

Presently (fall of 2019), Hawaii is at the highest level...31.16 cents per kWh. Alaska is at 23.56. And California is down around 19.86 (which is double of what you pay in Lou, Id, and Washington state).

I do agree, rates would have to go up around 35 to 40 cents if the state took over, and all this talked-about renovation were to take place. But so far, the state hasn’t proved they are that great of managers, and I think the PG&E attitude is...let them come and waltz into the minefield. You’d have to slip five to ten billion in state tax revenue into the bucket, so you’d be paying double in some ways for your electrical power.

I can say this...if you had to pay $300 to $400 a month, for undependable electricity, I’d have to put up a solar cell collector or wind-mill...or leave the state.


22 posted on 11/02/2019 6:32:00 AM PDT by pepsionice
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To: Captain Compassion

You correct, but very few if any private company will come forward to buy the assets of PG&E and be subjected to the laws California which bankrupted PG&E to begin with...

Leaving only the State of California to buy the company at a fire sale price.....

The current stockholders of PG&E will be destroyed.....most already have been destroyed the stock price is almost a penny stock now.


23 posted on 11/02/2019 6:32:29 AM PDT by srmanuel
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To: srmanuel
First put onerous regulations on the Utility Companies, then when the wildfires happen and burn down hundreds of homes, the legal damages cause the Utility Companies to go bankrupt resulting in Government run Utility Companies....which putting the Government in the business of owning utility companies will solve all the problems.

central planning + narrow political incentives and decisions + statist bureaucratic management + state ownership & state control + statist monopoly = economic chaos + destruction + inefficiencies + waste = disaster & catastrophe & misery

24 posted on 11/02/2019 6:33:05 AM PDT by mjp ((pro-{God, reality, reason, egoism, individualism, natural rights, limited government, capitalism}))
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To: srmanuel

The speed at which California is being de-modernized and made to look like Venezuela is breathtaking.

So glad I don’t live there.


25 posted on 11/02/2019 6:33:28 AM PDT by usconservative (When The Ballot Box No Longer Counts, The Ammunition Box <i>)
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To: mjp
central planning + narrow political incentives and decisions + statist bureaucratic management + state ownership & state control + statist monopoly = economic chaos + destruction + inefficiencies + waste = disaster & catastrophe & misery

If I had more coffee in me this morning, I'd turn this into several different math formula's including Algebra, Calc and Trig......

Just to make the point you're so eloquently making mathematically of course.

26 posted on 11/02/2019 6:35:26 AM PDT by usconservative (When The Ballot Box No Longer Counts, The Ammunition Box <i>)
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To: srmanuel

Going full Venezuela! Wow. That was quick.


27 posted on 11/02/2019 6:37:35 AM PDT by Phillyred
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To: srmanuel
Lucky for native Californians they have imported experts in third-world living.

Making houses out of mud, washing clothes by beating them on rocks, working in the hot sun without A/C - all valuable survival skills in the coming era.

28 posted on 11/02/2019 6:39:15 AM PDT by ZOOKER (Until further notice the /s is implied...)
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To: usconservative

They can’t stop people from leaving like Venezuela can though. Here come the legal migrants crisis.


29 posted on 11/02/2019 6:39:45 AM PDT by Phillyred
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To: srmanuel

... The current stockholders of PG&E stock are going to get wiped out....

Probably a lot of retirement funds, another nail in the retirement coffin


30 posted on 11/02/2019 6:40:14 AM PDT by HangnJudge (Kipling was right about Humanity)
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To: srmanuel

Let’s all chip in for some squirrel food to keep the power on at FR when the grid goes down.


31 posted on 11/02/2019 6:40:32 AM PDT by bk1000 (I stand with Trump)
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To: srmanuel

I cannot wait for the inept poorly educated idiots of the CA gubmit to run the power company. Today’s blackouts will be wished for compared to the upcoming apocalypse.


32 posted on 11/02/2019 6:41:19 AM PDT by Da Coyote (is)
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To: srmanuel

92.86% Shares Held by Institutions
https://finance.yahoo.com/quote/PCG/holders


33 posted on 11/02/2019 6:42:43 AM PDT by HangnJudge (Kipling was right about Humanity)
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To: pepsionice

I’m in MS and it’s rated at 11.22 cent per kWh - 1600 sq ft condo (76 degrees in Summer and 73 degrees in Winter) averages about $130 a month electric and $15-$40 for gas depending on whether it’s just for cooking or if I use the gas fireplace to supplement the normal electric heating and make the LR cozy and romantic (maybe 2-1/2 months a year).


34 posted on 11/02/2019 6:46:17 AM PDT by trebb (Don't howl about illegal leeches, or Trump in general, while not donating to FR - it's hypocritical.)
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To: srmanuel
The Guv will plunge California into complete chaos with his incompetence.

Wayne Allen Root summarized the problem nicely:

https://townhall.com/columnists/wayneallynroot/2019/11/02/anyone-want-to-play-poker-n2555778

"California is burning and blacked out because of insane liberal policies.

First and foremost, ..., hundreds of billions of dollars have been wasted over the past 20 years paying for the costs of illegal immigration instead of upgrading and modernizing the California electric grid.

The secondary cause for California's nightmare involves environmental policies that won't allow brush clearing or cutting down dead trees.

The third cause is climate change mandates that force utility companies to waste billions of dollars annually on green energy."

35 posted on 11/02/2019 6:48:50 AM PDT by G Larry (There is no great virtue in bargaining with the Devil)
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To: HangnJudge

In bankruptcy, debt will almost always take priority...meaning current stockholder will get wiped out and the debt holders will get paid with newly issued stock. If the company remains a going concern...

The people who hold the hold the debt will likely also take a real haircut because if the State of California takes over they will only pay a few cents on the dollar....

Bottom line , current stockholders will get wiped out, current bond holders will take a big haircut and the citizens of California will get a state run/owned utility company...


36 posted on 11/02/2019 7:02:48 AM PDT by srmanuel
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To: ThePatriotsFlag
Amazing...pass laws that bankrupt them, then ”nationalize” them...why can’t people see the beginnings if socialist Venezuela in this?

If the Democrats ever get full power at the federal level again, they will do this to the oil industry so they can take it over and destroy it.

37 posted on 11/02/2019 7:07:51 AM PDT by Erik Latranyi (The Democratic Party is now a hate-group)
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To: srmanuel

Look at the Socialists go, bro!

They stop you from doing your business in a proper manner, then they take over your business, because you didn’t do it right.

Then you never have electricity again.


38 posted on 11/02/2019 7:09:25 AM PDT by chris37 (Where's Hunter?)
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To: srmanuel

California will conduct a bankruptcy similar to the way Obama conducted the GM & Chrysler bankruptcies.....giving the unions everything while shafting every investor, regardless of their priority in debt recovery.


39 posted on 11/02/2019 7:11:07 AM PDT by Erik Latranyi (The Democratic Party is now a hate-group)
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To: Erik Latranyi

California will conduct a bankruptcy similar to the way Obama conducted the GM & Chrysler bankruptcies.....giving the unions everything while shafting every investor, regardless of their priority in debt recovery.


What Obama did was totally illegal. No one stood up for the situation. I think Trump will, through his campaign and the federal judicial system and executive system.


40 posted on 11/02/2019 7:13:46 AM PDT by PeterPrinciple (Thinking Caps are no longer being issued but there must be a warehouse full of them somewhere.)
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