[toomuchtodo]

Why is the state government so adverse to nationalizing them vs allowing them to leach off of their collective customer base? $2B in profits after a rate hike? Outrageous. Who cares what it costs to nationalize at this point, y’all are already getting raked over the coals with no end in sight.

[abeppu]

I think in part this is bc PG&E donates to a bunch of political organizations, office holders and candidates. They don't even spend all that much ... But since there's not a "nationalize the utilities" PAC making comparable donations, PG&E will stick around. A few years ago there were stories about how PG&E had continued to make political contributions while their victims/victims families settlement fund was partly in stock bc supposedly PG&E didn't have enough cash.

[lulznews]

It’s already nationalized, just in a much more clever way. Now pols can dump backpocket money to their friends, yet still point the finger at evil corporations.

[darth_avocado]

> $2B in profits after a rate hike

$2B were because of rate increases in 2022 and 2023. Technically the rate hike is after $2B profits, which is somehow even worse

[refurb]

Why? Two big reasons off the top of my head:

1. Because then they'd have to pony up the money to capitalize the company, which now, is done by shareholders.

2. The next major screw up and the government would be blamed, not a company, so now votes are at risk.

[aiauthoritydev2]

Nationalizing them is likely to have far worse outcomes and the entire company would turn into a leech that neither produces electricity nor makes profit.

[appplication]

Honestly I have no idea. They are a D-tier company in really any metric, it’s amazing they’re still in business after how many people they’ve killed. If I had to guess it’s because Newsom is eyeballing 2028 and it could be a bad look. If not for centrist voters, then for larger corporate donors.

[asdff]

You know with this state being how it is, pge will manage to put it in front of voters and confuse them enough to vote against their own interests.

[aiauthoritydev2]

Correct. They donate to right politicians (both on left and right).