The point of all this is that PG&E sometimes needs to raise money. They do get money from customers paying their bills, but they often to raise money many years sooner than that. Selling bonds and selling stock are two ways of doing it, with different tradeoffs for investors. Stock might sometimes pay a higher dividend, but dividends aren’t guaranteed.
After the last bankruptcy, PG&E suspended dividends for six years, from 2018 to 2023.
https://investor.pgecorp.com/shareholders/dividend-informati...
No matter how good or bad management is, they’re still going to need to raise money. Bad management means more mistakes and then more money needs to be raised.
Bad management might get fired, but they’re not going to pay for their mistakes. The money needs to come from somewhere else.
