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California’s governor says he’s
ready to take over embattled PG&E

Original Article

Posted By: NorthernDog, 1/31/2020 9:47:58 AM

One year after filing for bankruptcy, PG&E has worked out deals to borrow money and guarantee more than $25 billion in payouts to wildfire victims, insurers and local municipalities. It’s even come to terms with bondholders. As a result, its shares have skyrocketed 37 percent so far in January. Mizuho upgraded the stock this week to a “buy.” That optimism may be premature. (Snip) And he kept repeating this threat: “There’s going to be a new company or the state of California takes it over.” Newsom revealed he’s been working on a plan for six months to take over the

Comments:

Imagine the state running the utility company. At least the board will be a perfect rainbow of diversity - even if the lights go out.

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Reply 1 - Posted by: Ida Lou Pino 1/31/2020 9:51:41 AM (No. 302984)
I hope Newsom gets rid of all the oil, gas, coal, and nuclear plants. Just harvest algae from the Pacific Ocean - - and use that for all of California's power. Heh-heh - - I've always hated California.
15 people like this.

Reply 2 - Posted by: Mr. Know-It-All 1/31/2020 9:58:24 AM (No. 302995)
Well they could put all the homeless and illegals to work pedaling stationary bikes hooked up to generators. Win win.
22 people like this.

Reply 3 - Posted by: learner 1/31/2020 10:00:27 AM (No. 302998)
They have done so well with the homeless issue, the high speed rail line as well as the roadway maintenance what could possibly go wrong?
29 people like this.

Reply 4 - Posted by: earlybird 1/31/2020 10:01:34 AM (No. 303000)
Right. That’ll fix it. /s
15 people like this.

Reply 5 - Posted by: Mushroom 1/31/2020 10:01:44 AM (No. 303001)
Stock Tip: Candles.
23 people like this.

Reply 6 - Posted by: voxpopuli 1/31/2020 10:03:56 AM (No. 303004)
"$25 billion in payouts to wildfire victims.." does this include the million dollar homes built in fire zones?
15 people like this.

Reply 7 - Posted by: IdahoJoe 1/31/2020 10:06:53 AM (No. 303009)
Governments (especially inept ones) run companies poorly. PG&E will continue to hemorrhage money if it is taken over by the state. The only difference is that the state will be able to hide the losses and protect it from some attacks. The only good that will come of it will be that the venom will be directed at the party that is really responsible. The policies that hobble PG&E are the fault of the state. As our current President has shown, when you enable businesses, they do a better job and they economically thrive.
21 people like this.

Reply 8 - Posted by: Rumblehog 1/31/2020 10:10:20 AM (No. 303013)
Government run energy... what could possibly go wrong? s/o
16 people like this.

Reply 9 - Posted by: Avikingman 1/31/2020 10:10:40 AM (No. 303015)
The whole state is a fire zone due to lib tree huggers and environmentalism.
17 people like this.

Reply 10 - Posted by: antidem 1/31/2020 10:15:29 AM (No. 303020)
PG&E was once a great company. California Democrats and environmentalists destroyed it.
27 people like this.

Reply 11 - Posted by: Sardonic 1/31/2020 10:26:18 AM (No. 303031)
Nice. Set up policies that increase the level of dry brush and other fire hazards, then take over the company sued into bankruptcy because of results of those conditions. So Mafia.
21 people like this.

Reply 12 - Posted by: bhkat 1/31/2020 10:34:56 AM (No. 303040)
The idiots that vote in california will still blame PG&E when the state runs it into the ground.
12 people like this.

Reply 13 - Posted by: Timber Queen 1/31/2020 10:50:50 AM (No. 303052)
CA Dims have been mico-managing PG&E for decades through legislation requirements that they use "renewable" energy - windmills and solar panels. PG&E is responsible for the hardware, towers and transmission lines, but must make those lines available to start-up "green" energy companies to sell their product. A nice set-up for the Greenies; no hardware investments and pure profit from sales. Then coupled with crippling environmental regulations that put trees above people and we have a perfect man-made disaster. Common sense has no home in Sacramento. I have been encouraged by the President's last few rallies. He is mentioning Pelosi and her district more often. I know the Feds are filing lawsuits against the state for Sanctuary and he's making noises about the filth in the streets being violations of EPA clean water rules. I am hopeful Trump will fight for California. Our state is the future of America if the country does not reject progressive communism. He will hold up California as a horrible warning. Hopefully my fellow CA citizens will rise up in rebellion and we'll drain the Sacramento Swamp.
17 people like this.

Reply 14 - Posted by: stablemoney 1/31/2020 10:55:50 AM (No. 303058)
Ca. has been running PG&E. Now the Gov can take over all the liabilities he has created and put those on the backs of Ca. taxpayers.
11 people like this.

Reply 15 - Posted by: anniebc 1/31/2020 10:56:30 AM (No. 303060)
California, aka Venezuela!! Will Californians stand for this? Will the illegals stand for this? Isn't this type of stuff why they fled their home countries?
9 people like this.

Reply 16 - Posted by: Jethro bo 1/31/2020 11:16:21 AM (No. 303086)
This is so cool. Just like Venezuela. I bet the State does a marvelous job running a utility company. MIght want to get rid of those soon to be useless without electricity electrical cars.
8 people like this.

Reply 17 - Posted by: janjan 1/31/2020 11:20:25 AM (No. 303096)
Thankful I can observe California from afar.
8 people like this.

Reply 18 - Posted by: Safari Man 1/31/2020 11:27:18 AM (No. 303106)
Bad -> Worse Frying pan -> Fire Silk purse -> Sow’s ear 1st world -> 3rd world
6 people like this.

Reply 19 - Posted by: JediJerry 1/31/2020 11:28:51 AM (No. 303109)
Of course they are! We all knew this was coming. Next target is Standard Oil.
5 people like this.

Reply 20 - Posted by: MissMann 1/31/2020 11:41:00 AM (No. 303116)
Oh goodie! My tax dollars can now be used to perform all the delayed maintenance PG&E has put off all these years, while stealing the money from my payments that were supposed to go to that... Like student loans, the government just sees another way to slip in some more taxes.
4 people like this.

Reply 21 - Posted by: jimincalif 1/31/2020 11:44:33 AM (No. 303117)
Lucas Electrics, known as the "Prince of Darkness" for their British car electrical systems, is anxiously looking forward to handing this title over to Newsom!
6 people like this.

Reply 22 - Posted by: paral04 1/31/2020 12:18:38 PM (No. 303148)
Maybe he can get some of the geniuses from the Puerto Rican Power company to help him. That was run by the government also.
5 people like this.

Reply 23 - Posted by: Highvoltage 1/31/2020 12:45:45 PM (No. 303170)
Remember Newsom is Pelosi's kin. The liberals want to run your business and you know where that leads. Solundra ? Russia, Venezuela.
5 people like this.

Reply 24 - Posted by: farmwife 1/31/2020 12:45:53 PM (No. 303171)
'Will the last one to leave the state turn out the lights?' used to be a rhetorical question. Putting the state in charge of the power grid (because they have done such a bang up job on everything else they run) not makes it Puerto Rico.
4 people like this.

Reply 25 - Posted by: Starboard_side 1/31/2020 12:48:57 PM (No. 303175)
First, it will be an never-ending pocket of lawsuit settlements with the State running the system. Second, it will create a whole new group of state employees who will have a vested interest in voting for the Democrats who "created" their jobs. Third, if they enact their social credit score scheme, they will ensure only those who vote Democrat get electricity when it's in shorter supply. (same was about to happen with medical care).
5 people like this.

Reply 26 - Posted by: planetgeo 1/31/2020 12:49:34 PM (No. 303177)
Hey, if Mexifornians like standing in line at the DMV, they're going to LOVE having the state run PG&E so everyone can stand in line to find out which days their electricity will be on.
6 people like this.

Reply 27 - Posted by: BigGeorgeTX 1/31/2020 1:40:11 PM (No. 303217)
Of Course... It's what Communists do.
4 people like this.

Reply 28 - Posted by: Foghorn 1/31/2020 4:19:20 PM (No. 303374)
Of course, he is. That's the socialist way, take over private enterprise when they want to for nefarious reasons.
0 people like this.

Reply 29 - Posted by: XCenturion 1/31/2020 5:59:08 PM (No. 303462)
California voters keep cutting off their toes when they keep electing Democrats to public office.
1 person likes this.

Reply 30 - Posted by: slab 1/31/2020 9:02:19 PM (No. 303672)
If you like your electricity you can keep your electricity.
1 person likes this.

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