> California's Public Utilities Commission has not been allowing SCE (or other utilities, like PG&E) to charge rates that would allow them to do the required maintenance to prevent fires.

Source requested.

SCE made billions in profit last year. If they cannot upkeep their infrastructure while making large profits, they should be regulated to spend more profits on infrastructure or they should be nationalized and controled entirely by the state.

SCE does not get to have both large profits and say they are not allowed to charge enough.

California pays ridiculous rates as it is, sometimes over 40 cents per kwh.

Have you a source for "billions in profit" as opposed to "billions in revenue"? If so, I'd be interested to see it, especially relative to SCE's current maintenance budget. I don't object to being proven wrong.

My main point, though, is that the regulatory environment here in California has evolved without due regard for the law of unintended consequences.

The theoretical owners of those profits now see the market's valuation of that privilege fallen by 24% today. Evidently big news is out.

https://www.cnbc.com/quotes/EIX?qsearchterm=

> they should be regulated to spend more profits on infrastructure

That is exactly what people have been lobbying the regulators for, but the regulators keep saying no.