"We need to provide the utilities with sufficient revenue to return them to financial health and enable them to continue serving their customers," commission President Loretta Lynch said during the hearing. "This is an unfortunate but necessary step."
The Democrats in power in California have been handed the Vaseline by Wall Street for use by themselves as they take their medicine. Note in particular the last sentence. The PUC is not happy, but they have pledged their soul to Wall Street for the bonds. Now it is time for them to act in a business like manner. That must really drive them nuts.
What will be interesting to watch is how their fellow democratic voters react to these folks no longer being able to play games.