3 ms·
It's not a question of insufficient funds. They spent five billion dollars on shareholder dividends while corporate documents show they were completely aware t
by causality0 5y ago
It's not a question of insufficient funds. They spent five billion dollars on shareholder dividends while corporate documents show they were completely aware the equipment was breaking down and posed a wildfire risk, and they broke multiple state regulations to do so.
- d110af5ccf 5y agoSome background to add to the above: https://twitter.com/tubetimeus/status/1306366930899460097 https://twitter.com/tubetimeus/status/1306366930899460097 and https://www.buttecounty.net/Portals/30/CFReport/PGE-THE-CAMP-FIRE-PUBLIC-REPORT.pdf https://www.buttecounty.net/Portals/30/CFReport/PGE-THE-CAMP...
- zbrozek 5y agoThe Camp fire report was riveting after-work reading. The financial engineering to avoid opex and instead magnify capex as a way to bilk the ratepayer is ingenious and evil. Further, their operating procedures and culture seem carefully engineered as a liability dodge. Read the report, it's amazing.