CAN HIGHER ELECTRIC BILLS STOP WILDFIRES?
According to the district court judge overseeing PG&E’s probation for its felony criminal convictions, PG&E “pumped out $4.5 billion in profits and let the tree budget wither.”
Now, in the wake of the worst destruction ever wrought by a utility company, PG&E is demanding huge rate hikes, claiming it can only run its system safely if customers pay billions more. TURN has heard the same promises in the past, but PG&E has never delivered safety for customers, only safe profits for wealthy investors.
One penny more to a company that burns our communities and kills our neighbors while its executives and shareholders are laughing all the way to the bank is wrong, let alone the $20 or more P&GE is demanding.
One of the biggest lobbyists in the state, PG&E spent $6 million last year to convince the legislature it was broke and in desperate need of a bailout.
PG&E is also demanding huge “cost of capital” rate hikes that would go directly into shareholder profits.
Voluntary bankruptcy filing will delay or diminish justice for wildfire victims.
Will pay new CEO, already likely worth over $100 M, at least $8 M/year- and a relocation allowance!
Will reportedly pay part time board of directors, mostly plucked from financial firms, $400,00/ year.
Has reportedly spent over $100 million on bankruptcy lawyers already.
PG&E is a career criminal that doesn’t play by the rules
A convicted felon likely responsible for close to 100 deaths.
A repeat offender, with a pattern of negligent tree-trimming going back to 1994.
Has repeatedly lied to federal and state authorities.