Who do you think the regulators work for? Shareholders?
Sorry dude, you're as confused as the beeguy. Regulators are there to look out for the interests of the people who pay the bills.
For months, public analysts, such as Merrill Lynch have projected this outcome...not because they called the ALJ, but because they read the filings and could see that PG&E did not justify its requests. and was trying to move old costs of generation into its distribution budget. As for statements that leftists are not giving the company the money to do the job...well, PG&E got hundreds of millions of dollars built into AB 1890 to upgrade maintenance (net $240 milllion in 1997-98) BUILT INTO RATEBASE.
In prior years, the utility took such funds and instead of doing tree-trimming and other work, moved it into management bonus accounts.