How long before the state takes over the utility and sets rates based upon income?
PG&E bond holders and shareholders are screwed, as are all rate payers.
Nice idea in theory, but where is the money going to come from?
Highly impractical.
“How long before the state takes over the utility and sets rates based upon income? “
Some very powerful people own PG&E. Gavin would lick their balls.
I predicted this.
Fine ‘em into bankruptcy because they didn’t cut the power when the wildfires flared up, then fine ‘em some more because they did cut the power when the wildfires flared up.
Democratic-socialists always want everything both ways.
Ayn Rand was writing about this looter.
Is it me or does this guy sound almost word-for-word like Hugo Chavez.
The exact same pattern. Change all the rules of the game to put companies at a disadvantage to remain an ongoing enterprise. Then vilify them and then demand that government confiscate their property because the business is “corrupt”. Finally, their world is plunged into a Socialistic Hell.
Newsome and Democrats are doing the exact same thing.
Wait....I thought Newsome appoints the regulators/commission who, in turn, have made this ‘terrible’ blackouts decision for PGE.
So, just to test my understaning......Newsome appoints the folks who he AGREED with, regarding blackouts for PGE....then, demands PGE pay out millions to those affected.
What a racket!
Gavin, don’t press that button.
As soon as you start talking about free money or punitive damages, somebody will say “$100.00? That’s ‘crumbs!’
How about $1K per person to start with?”
Newscum knows very well that the government and environmentalist groups are those responsible for this nonsense, and he puts this crap out there to make sure the blame is aimed directly at those unable to effectively defend themselves.
The outrage is pointed at PG&E, but our government is not held liable in any way, shape or form. And, too many Californians are ready to follow his lead.
Chavez didn't have it this easy, IMO. At least he had to work to pervert his nation's economy. Our state's inhabitants are freely giving him carte blanche to do whatever he pleases, and in the end, it's going to hurt all of us.
Stock price has collapsed from $70’s to under $8 a share since 2017. Bankruptcy seems to be looming. How does Comrade Newsome think PG&E can raise the money for building a safe electric distribution grid? Can’t issue new stock when the existing is almost worthless. Can’t borrow from anyone sane. Newsome needs to get it into his skull that this is going to end up as a state bailout — giving away cash now is insane. Hopefully PG&E will tell him to F himself more than usual.
What a consarn idjit galoot this Nuisance guy is.
Before he left office, and in the aftermath of the tragic fires in California last October, Governor Moonbeam signed SB 901 that would allow the utility companies to pass on their liability costs to their customers and to help pay for state forest management maintenance. Obviously a political favor to a utility company that is a donor and screwing over the taxpayers by making them pay for the maintenance of the state’s forests. Just the typical way Democrats do business!
Probably a lot sooner, now that you gave them the idea.
;)
“How long before the state takes over the utility and sets rates based upon income?”
In a sense they already do. They have rate schedules that increase the rate by usage. There is an adjustment for region but it is not enough. The result is that there is a net transfer of wealth from the inland areas (more conservative) to the coastal areas.
There also is a low income rate.
When I lived there, because I had a pool and a large house, in the summer I was always in the 40c / kWh range.
PGE does what they do because of the cal PUC. This is a perfect example of direct democracy run amuck. I quit caring right when I left.
According to Cali only about 10% of the fires are electrical. With all of this it is a 10% solution. The 90% will come from global warming taxes or other such BS, stupidity run amuck. To understand Cali study Venezuela when their grid when out or study Atlas Shrugged. It is all the same.
Does that include the old man who dies when his oxygen supply cut off due to no electric?
what a pathetic and worthless gesture by Newsom.
first off, the utility corporations have one of the most powerful lobbying operations in Sacramento (with reportedly the majority of the legislature and every governor in recent decades on the take.. bought, sold, and paid for...excepting for “necessary political gestures” like this silliness from Newsom)
second, Newsom’s utility “regulators” (who have a long-standing reputation that stinks to High Heaven with corruption graft free resorts and international air tickets and and kickbacks) could have easily told PGE to delay or cancel their huge shutdown.....but there was nary a peep out of any of them, including Newsom
... want to know why? (follow the $$$$$$, my granny taught us)
Newsom has to do a whole lot better if he is to avoid the new recall effort succeeding.
(he’s signed grossly unconstitutional ‘laws’ and is now trying to steal the last $5 billion of taxes designated for highway repair.....for other programs instead. And the roads (and water supply systems and infrastructure in general) continue to deteriorate....)
and typhoid is coming to California due to all of Calif’s enabling, inviting, paying every destitute sick poor soul to migrate to California and take free drugs and krap on the sidewalks
I’m surprised Newsome hasn’t been dragged out of there.
Wait....I’m not surprised at all!
LOL! I hope they do it and charge every customer $110 on their next bill with “Care of Newsome” for the charge.