Comment by reenorap
6 hours ago
PG&E is in no way a victim here. Their CEO is being paid $50M a year, and our rates got increased 6 times last year. Nevada the next state over, the prices are 20% of California's.
6 hours ago
PG&E is in no way a victim here. Their CEO is being paid $50M a year, and our rates got increased 6 times last year. Nevada the next state over, the prices are 20% of California's.
Victim, no. Being over regulated doesn't necessarily hurt a company if all their competitors are subject to the same regulations. It's consumers who pay the price. 5x the price, apparently, if Nevada is any indication.
It is under regulation that is the problem here. PG&E has caused multiple huge disasters through negligence that have caused deaths and billions in damages that they pass on to rate payers. And this is after they redirected funds for maintenance directly to executive compensation.
The regulators should have thrown the hammer down on PG&E then, but after the disaster happens the money has to come from somewhere. Even if PG&E declares bankruptcy, the grid must run, and people must be able to rebuild their destroyed homes.
A public utility would be better than this sort of parasitic investor owned utility. Or, lots more regulation, and lots more jail time.