What the media doesn't tell you, is that PG&E is heavily regulated by government mandates. PG&E isn't communist, but the PUC certainly is (Public Utilities Commission). San Francisco County and other state entities have been trying to take over PG&E for the last century. As if local government has a success record in running anything efficiently.
My wife worked as a manager at PG&E before retiring, and saw constant interference by outside government entities. They forced PG&E to sell (or give away) profitable enterprises while mandating costly changes. One was to not to cut away trees more than a few feet away from high voltage towers, to preserve natural habitats... then fires happened and PG&E got sued in expensive lawsuits over fires. PG&E can't win with oversight like this.