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Comment by phendrenad2 | Hacker News Reader

The biggest investors in PG&E are Blackrock, Vanguard, Fidelity, JP Morgan. So in other words, people's 401ks. Not sure how it makes sense that your retirement depends on a company with no competition and the ability to charge you any amount of money they want.

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Well, that sounds more like a discussion about if it should be a private company, government run or some kind of coop owned by the customers.

The last one generally benefits the customers.

That too. But since we're in this situation where it's a public company, it's just funny to me that people's finances are both being helped and harmed by PG&E, probably canceling itself out.

Old people’s (specifically asset owners, so above average wealth) finances being helped out and young people’s finances being harmed.

Although, I don’t really see any other way for a society with a non pyramid shaped population histogram.

> coop owned by the customers

I find it a bit hilarious that I, living in the reddest state in the union, have member-owned cooperative power [1] that is 100% wind while my parents in California pay 6x my rate for mostly natural gas [2] and wildfires.

[1] https://www.lvenergy.com/my-account/

[2] https://www.energy.ca.gov/data-reports/energy-almanac/califo...

On the aggregate this cancels out, but on the micro level this is just a kind of wealth transfer from the poor to the investor/retiree class, not too different from a tax on the young and less fortunate. The rich boomers are getting their retirement subsidized by screwing over the working class and the younger generation, pretty on brand I'd say.

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