There are a number of real problems, here, not the least of which is management and regulatory action which prevented long term contracts even when those were in the interest of all concerned. In this utility industry, though, the cash can move between buckets, however, and it has done so in the past. That movement has gotten much harder after this reorganization. Many folks might even suspect that making it harder was the point of the reorganization. Cynical a lot, no doubt, but there you are. regards, Ted Hardie
If you've every worked for a telco, you'd know all about "affiliate transaction" and how PG&E can't touch that debt with anything other than cash, from the other bucket. The CA PUC would squash them like a bug. The real problem is CalISO management.