Armed Polite Society
Main Forums => The Roundtable => Topic started by: Ben on January 07, 2019, 09:50:11 AM
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PG&E took a big drop in the market after they appeared to state they are considering bankruptcy due to the California wildfires.
Between the announcement and what the market has done, I'm almost thinking of dipping my toes in and buying a few shares for 2-5 year speculation.
https://www.marketwatch.com/story/pge-stock-plummets-after-report-its-eyeing-bankruptcy-filing-2019-01-04
As an aside, an interesting thing to consider from the comments section: Generator stocks. It's quite possible, that due to lawsuits and litigation, the big power companies in CA will consider (given the state doesn't go after them) getting MUCH more conservative on shutting off power during weather events. That will vastly increase the number of 1-2 day outages in the state. If that's the case, I can see generator sales spiking in the state.
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I suspect if that happens that California will try to "nationalize" PG&E.
We all know they want to do it because government runs things ever so much more efficiently out there.
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I suspect if that happens that California will try to "nationalize" PG&E.
We all know they want to do it because government runs things ever so much more efficiently out there.
With Gavin Newsom in charge as of today, that is a distinct possibility.
The state gov. power company interaction will begin to get interesting anyway. The state will go after the utilities if there are more fires due to weather events and downed lines. If the utility companies try to get proactive and shut power down to prevent fires, the state will go after them for "not providing service" or some such.
If the power companies raise rates to upgrade infrastructure, the state will go after them for profiteering. Not to mention the state telling them to "do something!" while creating environmental permitting regs that keep them from "doing something" in a reasonable time. Or doing something at all, because purple spotted cockroach habitat.
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California is nothing more than America's waiting-to-happen version of Venezuela.
They already got a good start on that a number of years ago when they forced the state's electric companies to get out of electric generation and stick with distribution, I guess because... EVIL MONOPOLY!
So what happened? Glorious benefits for California's citizens?
Massive rate spikes because the companies had to buy power on the spot market during high demand periods coupled with brownouts when the power supply simply wasn't sufficient because power generators in California were finding it more profitable to sell their power out of state.
And the people of California just keep lining up for more and more of this *expletive deleted*it by electing an increasing supermajority of Democrats, more and more of whom are socialists.
When California fails, it's going to be utterly spectacular, just like Venezuela.
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And within the near future it will illegal to buy electricity in CA that was generated used fossil fuels. I know Execelon here is Illinois is drooling at the prospect of selling electricity to CA as 1) There is nowhere near enough wind and solar to supply 100% of CA's needs (nor will there be when this mandate takes effect), and 2) Execelon is the largest electricity generator using Nuclear plants. (Braidwood, Byron, Dresden, Clinton, LaSalle County and Quad Cities in Illinois, along with Clavert Cliffs, James A. Fitzpatrick, Limerick, Nine Mile Point, Oyster Creek, Peach Bottom, R.E. Ginna, Salem, and (of Course) Three Mile Island... )
So I'll be buying Execelon, and Natural Gas generators. Since almost all nuke power will be sold to CA, someone(s) are going to have to make up the shortfall in the rest of the US....Hello!!!! NG Plants.
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ANd, of course, the idiocy of forcing California to buy electricity from, say, Three Mile Island (Pennsylvania, almost as far away as you can get) while thereby forcing Pennsylvania to buy electricity from -- oh, anywhere except Pennsylvania is ignored. Yet these are the same space cadets who don't want to eat a turnip if it was grown more than five miles from their kitchen, because locally-grown.