It is under regulation that is the problem here. PG&E has caused multiple huge disasters through negligence that have caused deaths and billions in damages that they pass on to rate payers. And this is after they redirected funds for maintenance directly to executive compensation.

The regulators should have thrown the hammer down on PG&E then, but after the disaster happens the money has to come from somewhere. Even if PG&E declares bankruptcy, the grid must run, and people must be able to rebuild their destroyed homes.

A public utility would be better than this sort of parasitic investor owned utility. Or, lots more regulation, and lots more jail time.