Submitted via IRC for Bytram
PG&E files for bankruptcy. Here's why that could mean bigger electricity bills
PG&E Corp., which owns California's largest electric utility, filed for bankruptcy protection Tuesday in anticipation of huge legal claims, starting an unpredictable process that could take years to resolve and is likely to result in higher energy bills for the millions of Californians who depend on Pacific Gas & Electric for power.
PG&E said a Chapter 11 bankruptcy filing, which allows the company to continue operating while it comes up with a plan to pay its debts, was the only way to deal with billions of dollars in potential liabilities from a series of deadly wildfires, many of which were sparked by the company's power grid infrastructure.
"Through this process, we will prioritize what matters most to our customers and the communities we serve — safety and reliability," interim Chief Executive John R. Simon said in a statement. "We believe that this process will make sure that we have sufficient liquidity to serve our customers and support our operations and obligations."
Energy experts say PG&E's rates probably will increase when the utility emerges from Chapter 11 protection because bankruptcy inevitably makes it more expensive for a company to borrow money and creates large legal and other bankruptcy-related costs. The utility passes such expenses along to its customers.
"It's almost impossible to see a way out of this that doesn't have some short-term cost increases," Ralph Cavanagh, co-director of the energy program at the Natural Resources Defense Council, said in a recent interview.
(Score: 4, Insightful) by Gaaark on Wednesday January 30 2019, @04:55PM (5 children)
So, to me, a Capitalist society tempered by a bit of socialism could have possibly DENIED an event such as this and the banking bail-outs etc, helping to preserve lives and resources!
Gob bless American capitalism...it makes the rich richer (or at least they don't see jail time) and the poor poorer (or just fucked completely).
--- Please remind me if I haven't been civil to you: I'm channeling MDC. ---Gaaark 2.0 ---
(Score: 1) by Sulla on Wednesday January 30 2019, @05:01PM (2 children)
I think regardless of your form of government bribery will always overcome
Ceterum censeo Sinae esse delendam
(Score: 2) by Gaaark on Wednesday January 30 2019, @05:08PM (1 child)
NO! I will cut off your arms!
Unless you pay me. ;)
Yeah... humans are shite....I'm glad I'm not human.
--- Please remind me if I haven't been civil to you: I'm channeling MDC. ---Gaaark 2.0 ---
(Score: 0) by Anonymous Coward on Wednesday January 30 2019, @10:45PM
This identity politics is getting out of hand!
Sir, are you classified as human?
https://www.youtube.com/watch?v=8Dd_qiuWxPs [youtube.com]
(Score: 2) by istartedi on Wednesday January 30 2019, @10:19PM (1 child)
I don't think the mix of capitalism or socialism can really make much of an impact here. Surely the greed of PGC bears some blame, but the PUC that's supposed to regulate it was corrupt--revolving door regulation, aka, "regulatory capture". A state-run utility would have financial issues too. The cause of the Tubbs fire is most likely on private property (not the grid) and it seems to be undisputed that the earlier Valley Fire (remember when *that* was a big deal?) was caused by a poorly wired hot-tub on private property. Guerilla wiring is going to happen. The desire to foolishly save a buck permeates all levels of society. Capital, labor, public, private. Nobody is immune.
Also, running electricity through tinder is inherently dangerous.
Appended to the end of comments you post. Max: 120 chars.
(Score: 2) by Gaaark on Wednesday January 30 2019, @10:58PM
Running it through Grindr is, too.
XD
--- Please remind me if I haven't been civil to you: I'm channeling MDC. ---Gaaark 2.0 ---