News: PG&E Screws Consumers (Again)

[shannon_a]

A U.S. Bankruptcy Judge has just approved PG&E's bailout:
Judge Montali Screws Consumers

Here's the most salient points:

• Consumers pay $7-8 billion dollars of PG&E's debt.
• Nothing is done about the $4 billion dollars that PG&E transferred to an unregulated holding company just before declaring bankruptcy.
• Stock holders start getting dividends again next summer, based on guaranteed profit levels, while the consumers are repaying that debt.

All-in-all, a sterling example of how our current and fair legal system raises the rights of consumers up high above the right of corporations.

There are two possible bright spots: the PUC still has to approve this abomination, and there's going to be plenty of time for public outcrydiscussion; and Attorney General Bill Lockyer is doing his best to go after that $4 billion dollars that PG&E stole from the public.