With what? Monopoly money?
State revenue, which is on a quite high and increasing trajectory.
PGE would be the principal takeover target in the world right now were it not for the liabilities.
The state can choose which liabilities it will honor and which they will not.
They can also do some neat tricks by subsidizing their revenue stream with taxes/fees...and punitive/progressive rate tables.
A socialist’s wet dream. They can’t lose.
They’ve been working on this one for over 30 years. Outright seizure of a major capital asset.