PG&E in Bankruptcy - Nothing Left Here to Loot (San Francisco: how much, gated)

[citizensadvocate]

Now that PG&E is declaring bankruptcy due to being the cause of the "Camp Fire."

Electric prices are already very high in California, the biggest spike recently was in SoCal following the years when SONGs shut down unexpectedly due to the fears of what happened in Japan in 2011. Interestingly not much media attention was hyped unlike in 2001 and rolling blackouts were averted(which was miraculous as SONGs once generated a large percentage of power for California particularly the heavily populated southern half of the state) but consumers obviously felt the pain in the pocketbook each time their bills comes as all that power would have to come from some where else.

Diablo Canyon's planned 2020 shutdown already has residents bracing for even higher rates.

Interesting these pandemic of powerline sparked wildfires hadn't occurred with previous wildfires during the last decades. I be curious what has changed? As nowadays mountain residents are constantly getting their power shut off as a precaution against wildfires, this makes generators a must for those living in mountain communities.

Though as PG&E declares bankruptcy will residents of California see another 400% spike in already high power costs, rolling blackouts, even a doomsday statewide black out something that was feared back in 2001 but never materializes?

[DKM]

Diablo Canyon is planned for shutdown in 2025, not 2020. It was originally licensed to operate for 40 years starting in 1985. I guess we'll see if they really shut it down or not, depending on how much replacement solar costs in the next few years.

[Elliott_CA]

Originally Posted by citizensadvocate

Though as PG&E declares bankruptcy will residents of California see another 400% spike in already high power costs, rolling blackouts, even a doomsday statewide black out something that was feared back in 2001 but never materializes?

The circumstances and conditions are completely different so no, it will not be a repeat of 2001, there will be no blackouts. If PG&E is split up by the state and it's turned into smaller non-profit municipal utility districts, rates would likely go down in the long run.

[Des-Lab]

Look at PG&E's record with the State. It pretty much speaks for itself.


The BK filing was done for one reason and one reason only:


To have its liability abrogated.


They will NOT be broken up.


No one will be prosecuted or held liable, much less go to jail. Whatever judge presides over that case will be given an ultimatum while behind closed doors to rule accordingly if he/she 'knows what's good for them'.


They will be granted even more rate hikes. And will not pay out one thin dime in damages. Trust me. They will get out of this scot free. The BK filing was done purely for show and to dump the debt into everyone elses lap. Champagne corks are popping in San Francisco because of this.


This is a level of graft that, honestly, beggars the mind. In a sane world, lots and lots of PG&E people-starting with the CEO-SHOULD be looking at decades of prison time. Instead, they will walk away with both the company pretty much still intact and some hefty Golden Parachutes instead.


But nobody really gives a damn anymore. When we should be storming PG&E and Sacramento with torches and pitchforks, instead, we quibble amongst ourselves about why we need 72 genders and that 45 simply isn't diverse and inclusive enough.


Why we as a state/nation/culture continue to tolerate this type of cronyism (because that's really what's at the nucleus of this) is utterly beyond my comprehension.

[citizensadvocate]

Thats good to here that there will be no more rolling blackouts. And possibly that its going to be turned into smaller municipal utilities rather than a utility giant.

Its miraculous they avoided blackouts after the San Onfre's shutdown thus avoiding media drama. Though quietly energy bills skyrocketed. Even though it did not receive the media panic as it did in 2001. Or in Japan in 2011.

Though I will still think utilities would continue to skyrocket particularity with all that dept they need to pay in addition to preparing for the Diablo Canyon shutdown and securing other more expensive energy sources.

[CA4Now]

When PG&E announced Monday that departing Chief Executive Geisha Williams will receive a golden parachute of as much as $4.5 million as the Northern California utility heads once again into bankruptcy, my first thought was, “Are you kidding?”

Then I remembered what company we’re talking about and I thought, “No, of course not.”

PG&E has a long and unfortunate history of enriching its executives while displaying the most shameless corporate behavior imaginable.

I know what I’m talking about. PG&E and I go way back.

https://www.latimes.com/business/laz...114-story.html

[JGC97]

It's disgusting how they're doing this and that ungodly amount of money given to the exiting ceo is a crime. Of course, we (customers who are held hostage by PG&E) will see a rate hike. Through no fault of our own, we'll be the ones paying for their mistake .... again.

[2nd trick op]

https://www.yahoo.com/finance/news/p...--finance.html

And so, as with the Penn Central railroad bankruptcy of fifty years ago and the collapse of most privately-held city transit systems before that, the orgy of outrage and blame-throwing begins.

Those of us with a better understanding of our not-free-enough enterprise system will probably be splitting our sides laughing as all the SJWs and eco-Nazis try to reject the facts that this debacle is the result of their own short-sight and lack of understanding of how markets have to be allowed to work. Bon Voyage!

[1AngryTaxPayer]

In summary expect rates to go up.

[DCMann2]

Thanks for your unbiased reporting OP