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CPUC (California Public Utilities Commission) sets what profits PG&E makes. Any lack of money spent on maintenance and wildfire prevention necessarily goes into
by ThrustVectoring 5y ago
CPUC (California Public Utilities Commission) sets what profits PG&E makes. Any lack of money spent on maintenance and wildfire prevention necessarily goes into ratepayers pockets in the form of lower electricity rates, and the Office of Ratepayer Avocates in CPUC ensures this remains the case. PG&E is extremely regulated - anything characterized by "stealing the money" or "paying out dividends instead of doing maintenance" is elected and/or appointed officials scapegoating PG&E for complying with their regulatory decisions.
- deleted 5y ago[deleted]
- jahewson 5y agoPG&E is a public company listed on the NYSE. It’s absurd to claim that any money they save results in lower prices. They are free to return saved money to shareholders as a dividend, and indeed they have done so in lieu of necessary maintenance. Meanwhile their prices just go up and up. The CPUC absolutely does not control what profit PG&E makes but they do have to approve any rate increases, which due to regulatory capture, they naturally do. The brokenness of this system is as obvious as the brokenness of its outcomes.