Posted on 12/16/2019 3:29:14 PM PST by Berlin_Freeper
Pacific Gas and Electric shares are plunging Monday after California Gov. Gavin Newson rejected the utility's bankruptcy reorganization plan.
Newsom, in a five-page letter sent to PG&E CEO William Johnson, said the $13.5 billion settlement that the San Francisco-based utility struck with wildfire victims "falls woefully short" under state law as the proposed changes did not "provide safe, reliable, and affordable services to its customers."
The decision to reject the settlement was the latest blow to PG&E, which is hoping to move past its bankruptcy.
(Excerpt) Read more at foxbusiness.com ...
The governor is setting the stage for a state take over of the utility.
Then it will be state energy with no accountability.
Tow the line, comrade, or no electricity for you.
My guess is that the Governor wants the state to take over the company and control it.
Talk about gaining POWER!
PG&E should pull the plug and go home
The Democrats would love a government-run Energy Company.
If California manages a state electric company as well as the “bullet train” project expect electricity to become a rumor of the distant past.
The governor will applaud this result as “saving the climate”.
Is there any chance this might help Trump in California in 2020, or California a lost cause?
OMG can’t wait to get the hell out of this state it have gone WAY WAY PAST the point of no return such a shame!!!
CA. is a lost cause there are MILLIONS of illegals voting here and absolutely NO ONE doing a damn thing about it!!!!
given that PG&E is in bankruptcy, why would the shares be worth more than zero anyway? the very first thing a bankruptcy does is to totally wipe out the value of equity holders ...
Sadly, they decentralized power in the 90s just to take it over again.
“The Democrats would love a government-run Energy Company.”
they might think so now, but just wait until power delivery reliability goes to hell in a hand basket and rates quadruple at the same time and see how wonderful they think running a power company is after that ..
Atlas about to shrug!
As long as IBEW’s happy.
Gather up all the wires, towers, etc and sell it all as scrap metal.
Take the ball and go home.
In the words of the NY governor “we [Democrats] don’t want your kind here.”
I wonder how many public pensions funds are going to take a hit....
Worked well for Venezuela.
They won't care be cause all the people in power will still have electricity.
The unwashed are a means to an end for them, and the end is for THEM to have the power and the money and the freedom.
Lights out California.
Trump should take a federal takeover of the utility, and cite (1) the emergency nature of the situation, and (2) the national interest due to the importance of California’s economy.
Under federal resceivorship, the federal officials could quit PG&E compliance with many state “green mandates” so that revenues could be invested where the need to be for (a) the benefit of delivering electricity the most economically, (b) maximizing revenue and expenses dedicated to improving PG&E infrastructure for (1) efficiency and (2) minimization of risk-impact in the case of wild fires.
None of that will happen under California state government control, except more infrastructure investment achieved not with cost cutting from relief of state “green mandates” but susbtantially with massively higher utility rates to PG&E customers. Without relief from the “green” mandates there is no other financial basis for greater infrastructure investment/improvements, besides higher rates.
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