PG&E CorpPCG
▼ NegativeRegulationrelevance
Consumer Watchdog accuses PG&E of withholding infrastructure spending and misrepresenting finances, prompting PUC petition.
Impact on stocks 1
Energy Transition & Power Demand
PG&E CorpConsumer Watchdog has released a video accusing PG&E of engaging in "bailout blackmail" by withholding $2 billion in infrastructure spending that ratepayers have already funded, in an attempt to force the legislature to approve a bailout. The video features former California Public Utilities Commission President Loretta Lynch, who alleges that PG&E CEO Patti Poppe misrepresented the company's financial situation, noting that ratepayers pay $19 billion annually plus a 10% markup on all equipment and taxes on that markup. Consumer Watchdog has petitioned the PUC to order PG&E to explain its withholding and to either refund the money or spend it as intended.
PG&E CorpConsumer Watchdog accuses PG&E of withholding infrastructure spending and misrepresenting finances, prompting PUC petition.