Posted on 09/09/2019 3:43:34 PM PDT by BenLurkin
The utility is set to submit Monday its plan for getting out of bankruptcy. The company is expected to outline Monday how it plans to repay billions in liabilities from the 2017 and 2018 wildfires.
PG&E said in a statement selling assets to San Francisco wasn’t in the best interest of its customers and stakeholders.
(Excerpt) Read more at ktla.com ...
Perhaps these communist cities want total control of the power infrastructure so they can force what type of power and how much power people receive and raise prices to drive behavior.
I don’t think the public is going to be very happy with the result.
SF can’t even figure out what a bathroom is for and who should use it.
They are right next to the largest ocean in the world and get their water from 200 miles away which they want to close down.
Their solution to a power shortage is to blackout parts of the City.
This is not going to go well.
If I understand California correctly distribution don’t run generation facilities. Err unless it is sustainable energy.
Think Venezuela.....whatever happened to calexit anyway...
“PG&E said in a statement selling assets to San Francisco wasn’t in the best interest of its customers and stakeholders.”
This is an absolute fact. But because I hate Frisco they deserve this. I witnessed a small town of around 3,000 be completely destroyed because the city bought the power company. First thing they did was decide it to be their only revenue source. They tripled the rates right away which ran off and shut down every business in town within a couple years.
Then even the residents could not afford their electric bill and they all left. Now there isn’t even a grocery store there to buy groceries. They just absolutely killed the town including all their own city business tax revenue with this purchase and greed. They stepped over a thousand dollar bill to pick up a dime. And yes... They were flaming liberals running the town.
First thing they will do is triple the rates and shut down all the businesses, then make power so expensive the residents will have to live in the stone age. It will kill this city in just a couple years.
But know what? they deserve every bit of it...
P G & E should let San Fransisco have it. Then there will be one more thing that San Francisco officials can screw up.
Maybe the San Francisco “mobile residents “ would use the electric substations as outhouses.
Eco nazis winning.
If they sell they need to get cash up front
I’d love to hear that call
Hello, the entire city is in a blackout.
Well, we have the plant running at 100% the problem must be on your end.......goodbye
That's right. And the city could then handle all the billing and pay the wholesale rate for electricity -- and come up with a long series of excuses of why they haven't been able to pass the "savings" on to the consumers.
Reason number 1583 why I’m glad I have nothing to do with CA.
They want a guaranteed return for investors while shafting the taxpayers / ratepayers.
I got angry watching the news on TV; SF leaders were promising they could provide the electricity cheaper than PG&E if they took over the infrastructure. Cheaper? Costs will skyrocket!
Everything local government does is wasteful, and there will be runaway costs and failed infrastructure that is neglected. The city can't fix potholes in the streets. Items that were well-maintained in the past and were free, now are poorly maintained and have high fees. For example, parks and their attractions used to be free and kept up. Now, the city charges a fortune for the Zoo, arboretum, museums, the Japanese Tea Garden, etc. They used to be free or near-free when I was a kid; now a small fortune to get in.
The city would screw up the electrical grid and double the costs.
SF was trying to shut down power generation plants within the city, because they relied on oil to generate power. They were blocked by the state, because it's the law that if external sources of power failed then they need local power generation in case of emergencies caused by earthquake, etc. Stupid SF "leaders" think electricity is easily obtainable, and don't have a clue.
One thing that would happen is that if the cities would have their own grid, the less densely populated areas would have their own. Since the rural areas are more spread out, and the utility can't average out costs with the dense city, everyone else in northern California will have their rates raised.
What town?
It will be pennies on the dollar for a ruined infrastructure. I think the true motive for this movement is to find another income stream, because their baby boomer pensions are really starting to hit the budgets right about now, and they will have to pay them or go bankrupt.
Remember there were stories during the great recession around 2009 about double dipping city employees who will retire on two full salaries? None of that has been fixed. So its either raise taxes dramatically, or a scheme like this where they buy the utility, neglect maintenance on all the assets, and put the customer payments into the pension funds. (This is exactly the Venezuela playbook with both their oil and hydropower) After twenty years, the grid will be falling apart, but they will plan on getting federal help when disaster hits, while paying retirement salaries of 300k per each ex-employee or so.
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