In my last article about PG&E furiously trying to stop counties from developing their own energy sources, the ending thought was about how the recent Supreme Court decision that allowed corporations to put unlimited funds into the political process will affect us:
Speculation has been raging over whether the U.S. Supreme Court’s recent junking of federal campaign spending limits on corporations will be very bad for democracy, or not so bad. With this huge ballot campaign launched by our biggest utility, Pacific Gas & Electric, we can say this: It’s going to be worse than you can possibly imagine.
And not only that… PG&E Corp, the parent company, of Pacific Gas and Electric Co. utility is raising the stakes again.
David R. Baker, Chronicle Staff Writer
Saturday, February 20, 2010
PG&E CORP. PLANS TO SPEND $25 MILLION TO $35 MILLION ON A CALIFORNIA BALLOT INITIATIVE
that would limit the ability of cities and counties to go into the public power business, the company reported Friday. PG&E has supplied all of the proposition campaign’s funding so far, totaling $6.5 million. On Friday, PG&E took the unusual step of telling its investors that funding for the campaign would affect the company’s 2010 profits, lowering them by 6 to 9 cents per share.