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Their 2018 and 2019 losses are $10b each. It would take 10 years of same profit to become net 0 profit.
by YetAnotherNick 2y ago
Their 2018 and 2019 losses are $10b each. It would take 10 years of same profit to become net 0 profit.
- SR2Z 2y agoGood! They had losses because they were negligent in maintaining their infrastructure AND BURNED DOWN LARGE PARTS OF THE STATE. A power company is a natural monopoly. Every dollar of profit it makes is because the state allowed it to. The whole damn company should have been nationalized after the fires, it's nuts that we now pay 3x+ the national average for electricity to cover their mistake. It now costs more to charge a Tesla to fill a 12gal gas tank in a "green" state - and gas isn't exactly cheap here either.
- dragonwriter 2y agoThe 2018 and 2019 losses were born by the pre-second-bankruptcy PG&E, not the post-bankruptcy company of the same name. (And, when I say "born by the pre-second-bankruptcy PG&E", I mean, "born largely by its creditors as they were discharged in bankruptcy", those creditors including fire victims, who got a settlement fund with a fixed amount of cash and stock which is wrapping up claims settlement now and will have paid out a little bit over 70 cents on the dollar of actual liabilities.)