{"id":176984,"date":"2020-01-30T21:12:00","date_gmt":"2020-01-31T02:12:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2020\/01\/30\/your-mouth-to-gods-ear\/"},"modified":"2020-01-30T21:12:00","modified_gmt":"2020-01-31T02:12:00","slug":"your-mouth-to-gods-ear","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2020\/01\/30\/your-mouth-to-gods-ear\/","title":{"rendered":"Your Mouth to God’s Ear"},"content":{"rendered":"
California Governor Gavin Newsom has once again sent signals that he is seriously considering using his authority to end Pacific Gas & Electric as a going concern in the state of California<\/a> if the embattled utility does not get its sh%$ together.<\/div>\n
<\/div>\n
Because the California Public Utilities Commission has the authority to reject any payout from the state wildfire insurance fund, which would likely force PG&E into liquidation.<\/div>\n
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When that infrastructure is sold off, the buyers would be assured of EXTREMELY<\/b> diligent oversight, so the market value will be relatively low, at which point takeover of those assets by state and local government becomes pretty viable.<\/div>\n
<\/div>\n
Please, Governor, pull the trigger.<\/div>\n
<\/div>\n
PGE has been a cancer on corporate governance for over 100 years.<\/div>\n

Exactly one year after PG&E Corp. filed for bankruptcy, Gov. Gavin Newsom said PG&E \u201cno longer exists\u201d and doubled down on a state takeover if the utility doesn\u2019t shape up by June 30. <\/p>\n

\u201cThere\u2019s going to be a new company or the state of California will take it over,\u201d Newsom said at an event with the Public Policy Institute of California in Sacramento about the future of the state\u2019s energy Wednesday. <\/p>\n

\u201cBecause if PG&E can\u2019t do it, we\u2019ll do it for them. Period, full stop. We\u2019re sick of excuses and delays,\u201d he said.<\/p>\n

\u2026\u2026\u2026<\/p>\n

\u201cBankruptcy turned out to be an extraordinary opportunity for the state,\u201d Newsom said Wednesday. \u201cI never would have imagined that a year ago today. I thought it was a huge burden, one I didn\u2019t anticipate spending as much time and energy on.\u201d<\/p>\n

What it gave state regulators is the chance to transform the 115-year-old company into a 21st-century utility, he said.<\/p>\n

\u2026\u2026\u2026<\/p>\n

But if the governor doesn\u2019t like PG&E\u2019s new plan, he made clear on Wednesday what the next step was. <\/p>\n

\u201cIf they can\u2019t do it, we have no choice but to do it for them, because the economic and human cost, not just the environmental degradation, is so great that we will be in peril if we just sit back and let the markets do it for us,\u201d he said.<\/span><\/p><\/blockquote>\n

Seriously, if there is a company that merits the corporate death penalty, it is PG&E.<\/p>\n

Have the states and localities reorganize the assets as either a government utility or a cooperative.<\/p>\n","protected":false},"excerpt":{"rendered":"

California Governor Gavin Newsom has once again sent signals that he is seriously considering using his authority to end Pacific Gas & Electric as a going concern in the state of California if the embattled utility does not get its sh%$ together. Because the California Public Utilities Commission has the authority to reject any payout …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[457,364,456,374,437],"class_list":["post-176984","post","type-post","status-publish","format-standard","hentry","tag-energy","tag-evil","tag-finance","tag-politics","tag-regulation"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/176984"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=176984"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/176984\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=176984"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=176984"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=176984"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}