these people have no common sense at all.
unintended consequences galore

so let me see -
first limit the rate of return on capital - ok I will stop capital investment
next I will require you to sell at rates that limit profitability - ok, no cash flow for more sytem maintenance & improvement
then I will make you limitlessly liable for things out of your control - ok, here comes Chapter 11
just like the last time you idiots regulated us into bankruptcy - how'd that work out for you?

Pacific Gas & Electric filed for “Chapter 22” as California’s largest utility was again forced into Chapter 11 bankruptcy due to the state’s social justice regulatory structure.

Facing $300 million a month in unreimbursed power costs under California’s 1996 “deregulation” law that gave the state control of wholesale electric power purchases, Pacific Gas & Electric (PG&E) filed for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code in April 2001 in San Francisco court, listing $9 billion in debt.

The three-year reorganization cost the state between $40 to $45 billion and was directly responsible for the recall of California Democrat Gov. Gray Davis on October 7, 2003.

The latest filling is due to California utilities being subject to CPUC strict return of capital limitations on the rates they are allowed to charge customers, while having unlimited financial liability since the 1999 California Court of Appeal's opinion in Barham v. S. Cal. Edison Co. established “inverse condemnation” for any weather-driven power line sparking risk causing a wildfire, despite lack of any negligence by the utility or its staff.

As a result, PG&E has strict and unlimited liability for dry vegetation setbacks along its 18,466 circuit miles of interconnected electric transmission lines, 6,438 miles of transmission pipelines, and 42,141 miles of natural gas distribution pipelines.

Despite PG&E’s limited profit capability already facing $20 billion in potential wildfire liability, Gov. Jerry Brown signed Senate Bill 100 in September 2018 mandating California utilities convert the remaining 75 percent of fossil fuel electrical generation to renewable sources by 2045. The move could result in up to a doubling of residential utility rates.
https://www.americanthinker.com/blog...ankruptcy.html