My impression was that the California utilities were being operated in revenue extraction mode for decades and prioritized paying shareholders over infrastructu

My impression was that the California utilities were being operated in revenue extraction mode for decades and prioritized paying shareholders over infrastructure maintenance leading to the crisis situation we are in today. The enormous costs today are due to the need to keep paying owners as well as catching up on the deferred maintenance, and in classic fashion the owners are still gobbling up most of the money and starving the operations budgets.