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Say what you will about capitalism and socialism, but I'm pretty sure California invented the worst in-between option with PG&E.

It's essentially run by the California Public Utilities Commission, which decides rates, mandates specific infrastructure investments, and caps profits. But it's notionally a publicly-traded company primarily responsible to shareholders.

So, politicians get to scapegoat a "greedy corporation" for policy failings; while PG&E execs shrug and say they're not responsible for outcomes because CPUC effectively runs the show.

And the result is somehow worse than any conceivable alternative.