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PostPosted: Mon Jan 14, 2019 2:54 pm 
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https://m.sfgate.com/business/article/P ... 531438.php

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The company has seen two-thirds of its market value wiped out since the deadliest wildfire in California's history, called the Camp Fire, began in November. Its debt has been downgraded to junk, and state regulators have called for a management shakeup. Investigators are probing whether the power giant's equipment ignited that fire, along with blazes in 2017 that devastated Northern California's wine country. More than 100 people died in the fires. The costs "could exceed $30 billion," according to the company's filing



The company has seen two-thirds of its market value wiped out

Oh, market VALUE, I guess I thought it said market share or whatever. They still control energy to all of N Calif, so not sure what to think. I know that at some point WE will be paying for this.




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PostPosted: Mon Jan 14, 2019 3:54 pm 
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Power companies should be state owned and considered part of the commons.

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PostPosted: Mon Jan 14, 2019 4:08 pm 
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PG&E ignored safety for the sake of profits. I personally think that people should have gone to jail after San Bruno. Now with the Campfire wPith over 80-People are dead and the investigation is ongoing, but PG&E does have history of not being responsive to health and safety concerns.

The Wine Country Fires were in part the fault of PG&E as well. Time for Pacific Graft and Extort to broken up and become a publicly owned entity.

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PostPosted: Mon Jan 14, 2019 5:00 pm 
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Power companies should be state owned and considered part of the commons.

Some are and most aren't. I know when I lived in Sacramento, the local utility, Sacramento Municipal Utility District (SMUD) is a county owned.

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PostPosted: Mon Jan 14, 2019 5:27 pm 
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Some are and most aren't. I know when I lived in Sacramento, the local utility, Sacramento Municipal Utility District (SMUD) is a county owned.



ALL energy should be nationalized.

Did I tell you the time I got into a gun fight with SMUD?

My friend and I had been to this famous bar in the foothills, famous for their martinis as I recall, dont recall the name, got really blitzed and drove back home to Sac'to and I had a .38 in my glove box, long explanation as to why, I pulled over about 1/4 mile from the nuclear tower or whatever it is called, looked at my friend Darrel who I hadnt known that long, reached into the glove box, pulled out my .38, gave him a crazy smile (at which time he confided in me later he assumed was the end of his life) and I rolled down the car window and took a shot at the plant.

Seemed funny at the time, you know, anti nuclear and all.

Our ears hurt for a LONG time after that.

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I was young, stupid and drunk and yes, drunk driving. Thank god nobody but me ever got hurt when I drove drunk.

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PostPosted: Mon Jan 14, 2019 5:36 pm 
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PG&E ignored safety for the sake of profits. I personally think that people should have gone to jail after San Bruno. Now with the Campfire wPith over 80-People are dead and the investigation is ongoing, but PG&E does have history of not being responsive to health and safety concerns.

The Wine Country Fires were in part the fault of PG&E as well. Time for Pacific Graft and Extort to broken up and become a publicly owned entity.


Let us structure it as an REA type cooperative. They really work. I grew up with one, and in Montana got my power from another one.

A little bit of every bill was for investment for the REA. But even with that investment added to the bill the bills were lower than for the private Montana power company. Now years later they're repaying me for my investment. I get a check from them twice a year.

It was kind of like having a retirement savings account tied with my monthly electric bill. Their power rates were 15 to 20% less.


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PostPosted: Tue Jan 15, 2019 2:32 pm 
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Far as cap goes, the stock is essentially worthless. I don't think it'll be totally written off, but at the rate it's selling at desperation prices, it could be in the pennies before long. The equity's gone, so the value's gone.

PG&E killed their own goose. The violin stays in the case on this one.

Lazarus at the LA Times has a column today about the generally rapacious behavior of top management, and the staggering bonuses they like to give themselves. Let's just say that the current departed CEO got practically stiffed at "only" 4.5 million for a golden parachute.

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