Newsom's Favor to Edison: A California Tradition
A long-standing tradition in California has been governors and their appointees taking extraordinary measures to protect giant investor-owned utilities.
This tradition continues, with the latest chapter only being revealed after key decisions had already been made.
History of Protection
Past examples include Gray Davis, who got the Legislature to adopt legislation that forced taxpayers and ratepayers to absorb billions of dollars in losses due to a flawed deregulation scheme.
- The deregulation scheme was enacted in 1996 at the utilities' behest.
- When wholesale electricity prices soared, the state stepped in to buy power, issuing $13.4 billion in bonds, and sharply raised rates.
governors and their appointees taking extraordinary steps to protect giant investor-owned utilities.
Author's summary: California governors protect utilities.
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