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
Is there any chance this might help Trump in California in 2020, or California a lost cause?
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 ...
Atlas about to shrug!
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....
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.
The reverse Midas touch, everything Progressives touch turn to manure.
Let the Govener pull a Mussolini thing and seize private industry. Next fire his disaster of forestry management causes the State will own, no more blaming the power companies for massive forest fires that have so much fuel they cannot be fought.
Once all the State money is gone the Democrats will have no reason to stay in power. Vampires are not attracted to Bloodless corpses.
What’s really stupid is there are so many RICHER companies in California that they can destroy through regulation and take over.
Maybe this is just practice.
It’s a state level conspiracy to overtake their company. Then they will inflict horrific fraudulent green policies on the people of CA that only the elite can afford.
if Californication manages its utilities as corruptly as it supposedly ‘regulates’ them, ha ha, then sell your Tesla stock (you can’t run electric cars without electricity!)
Just how does a public utility go bankrupt?! Only in California....
Isn’t California where they won’t prosecute people for shoplifting?
Doesn’t somebody actually have to pay for the stolen merchandise?
Who could that be?
Isn’t bankruptcy handled in court? How is a governor setting conditions. Up to the judge.
I trust my instincts on this. Gov. Newsom wants the democrat controlled state to own and control the power grid in order to develop another pool of money worth billions in order for them to loot it.
Just CLOSE the plant already
Stock price as of now:
$9.67
$6.84 on November 19.