You are wasting your time trying to explain it to some who absolutely refuse to consider reality. They have already learned the hard way, but refuse to see it. Increase utility rates on people just to cover poor management decisions? Increase utility rates so the dividend can be paid? The PUC knows NOT to do either! Rates, SHOULD rise to cover normal costs of doing business, not to keep up a crippled dividend policy. Of all things, HE SHOULD NOT be issuing new shares to cover 50% of the dividend! Here I am wasting my time again on Economics 101!
You should take Econ 101 first before stating that you're wasting your time. Actually you're wasting ours. If you know anything about a regulated utility, you would know that the approved rates are to cover cost of business AND a reasonable return on their investment. It's called regulated because the rate of return is set to a percentage the PUC deems reasonable. Have you checked the "reality" of the stock price recently? Sheesh, now who's NOT considering reality?