Call to Action!
Dear Academy Supporters,
The World Business Academy strongly opposed AB 1054, the utility bailout rushed into law by Gov. Gavin Newsom, which strengthens the state’s monopoly on utilities at the expense of all California ratepayers, Community Choice programs, and democratic due process. Now there is a proposed extension to pay for PG&E’s liability in connection with the 2017-2018 wildfires.
An amendment to AB 235 would allow PG&E to issue bonds of up to $20 billion dollars to cover 2017-18 wildfire liabilities. Though the bill claims that these bonds would all be paid off through “shareholder profits,” the proposed bill amendment language makes ratepayers the effective guarantors of the loan and as we know, all utility costs are paid by ratepayers, including the rate of return on “profits”.
For further details, please visit Stop the PG&E Bailout and read the press release from The Utility Reform Network (TURN). Another case of “privatized profits, socialized losses” for investor-owned utilities!
This amendment will be submitted for approval in early September, just days before the end of the 2019 legislative session. Please call your state representatives, especially Senators on the Energy Committee, and tell them that you don’t want to pay for PG&E’s negligence!
~The World Business Academy Team~