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Small Step for California, One Giant Leap for Socialism: California Mayors Join Campaign to Buy Out PG&E

More than a dozen California mayors have joined a coalition proposing a buyout of the bankrupt utility.

The campaign to transform PG&E is gaining support in fire-stricken California.

More than a dozen California mayors have joined San Jose Mayor Sam Liccardo in proposing a buyout of the investor-owned electricity and gas network. The buyout plan would transform the energy provider into a “giant customer-owned cooperative,” according to the Wall Street Journal.

Should the buyout take place as proposed, PG&E’s profits would be reinvested in its gas and electric networks instead of paid out in shareholder dividends, which the company suspended in 2017. In April, a federal judge restricted the company from resuming dividend payments until it improves its safety practices, calling the PG&E’s efforts to prevent trees from hitting power lines “dismal,” according to the Associated Press….[ ]

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