California regulators are in the habit of assessing what look like gigantic fines on the state’s largest public utilities. But the utilities don’t even blink when forced to fork over nine-figure amounts to pay for their misdeeds. What the state’s Public Utilities Commission did in February, with two new acting members – one shy of a majority on the five-person commission – shows just why these big companies don’t bat an eye when penalized: They know they’ll get the money back, and then some, the next time the commission considers a rate increase. In February, just such an increase went to Pacific Gas & Electric Co., which only two months earlier was assessed a $125 million penalty for its ac
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