PG&E...Out of the Red and into the Black
This is nice:
"The corporate parent of formerly bankrupt utility Pacific Gas and Electric Co. reported Friday that its 2004 profit soared by nearly 1,000 percent to $4.5 billion, thanks mostly to a bailout financed by its Northern California electricity customers."
Yes, that's right. The customers of PG&E, as opposed to its shareholders and creditors (many of whom, through their manipulation of California's energy supply in 2000-01, created the conditions that led to PG&E's dire financial straits), bore most of the costs of bailing out the utility when it sought bankruptcy protection and now the shareholders realize a profit of $10.57 per share.
Ain't "capitalism" grand?
"The corporate parent of formerly bankrupt utility Pacific Gas and Electric Co. reported Friday that its 2004 profit soared by nearly 1,000 percent to $4.5 billion, thanks mostly to a bailout financed by its Northern California electricity customers."
Yes, that's right. The customers of PG&E, as opposed to its shareholders and creditors (many of whom, through their manipulation of California's energy supply in 2000-01, created the conditions that led to PG&E's dire financial straits), bore most of the costs of bailing out the utility when it sought bankruptcy protection and now the shareholders realize a profit of $10.57 per share.
Ain't "capitalism" grand?
posted by Stephen Green at 9:06 PM
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