PG&E is guaranteed a rate of return, meaning its profit margin is basically state-guaranteed. A large share of blame falls on CPUC and the structuring of the ut

PG&E is guaranteed a rate of return, meaning its profit margin is basically state-guaranteed. A large share of blame falls on CPUC and the structuring of the utilities. CPUC must decide whether they approve of rate before pge implements them, and I think it almost always does. I'm by no means excusing pge, they were pretty clearly negligent and failed to meet their obligations. But it's a state-backed operation, which pretty much always means less punishment for failure to operate effectively.