The Pacific Gas and Electric Company (PG&E) supplies electricity to much of northern California. It also has a somewhat diminishing large fleet of hydroelectric dams in the north state.

It’s also been going broke a lot, first because of the ill-advised energy deregulation under Governor Gray Davis some two decades ago, and second because in recent years its equipment has been burning down whole national forests and small mountain communities.

So, to raise some cash, PG&E proposed to create a subsidiary…

The perennially bankrupt PG&E has made a proposal to the California Public Utilities Commission to form a subsidiary with a 49% non-PG&E stake to own its non-nuclear generation assets. The reason — to raise some cash from investors in the new subsidiary…