New POLITICO Piece Exposes the Multi-Million Dollar Corporate War Chest Against Steyer

Tom Steyer and 83% of California voters agree: utility profits are too high. After promising to break up PG&E, Steyer is now on the receiving end of relentless attacks from the utility monopoly.

SAN FRANCISCO, CA — Tom Steyer has made breaking up utility monopolies a core pillar of his campaign, and the utilities are panicking. A new POLITICO piece published today confirmed what Californians have known for decades: the utilities are ripping them off, and for the first time, there’s a candidate who will hold them accountable to bring down costs for California families.

The piece highlights: 

• PG&E alone has allocated more than $12 million into a campaign committee designated to attack Steyer – part of a record-breaking $28 million campaign fueled by corporate interests.
• Edison International’s CEO called out Steyer by name on an earnings call.
• Sempra, PG&E, and Edison have each contributed roughly $2 million in the last month alone towards an anti-Steyer business coalition.

The message these companies are sending Californians is clear: they’ll spend whatever it takes to stop the only candidate who will threaten their profits and lower costs for working Californians.

Meanwhile, Xavier Becerra is taking money from the very same corporate interests driving up costs. Becerra avoids tough questions – and when he takes them, offers empty soundbites and little substance. The Sacramento Bee covered how Becerra’s latest insurance freeze plan has come under scrutiny from experts for being unconstitutional.

California deserves real solutions and political courage – not more of the same.

Excerpts of the full piece are below. Read the full POLITICO article here:

“... nearly 80 percent of California voters say that the government should do more to limit price increases by for-profit utility companies.”

“83 percent — of voters say that utility profits are too high given the service the companies provide.”

“Half of Americans find their utilities difficult to afford… 40 percent of those struggling to pay their utility bills say the companies are most responsible for their unaffordability.”

“But there is a risk to candidates who repeatedly hammer multi-billion dollar companies: corporations hit back. PG&E, which serves Steyer’s adopted hometown of San Francisco and is a frequent target of his, has poured more than $12 million into a campaign committee it sponsors to oppose Steyer since April.”

“Tom Steyer is trying to drive a stake in the heart of their business,” said Steve Maviglio, a Democratic strategist. “Political observers like me see [the political spending] as a natural response when somebody’s literally spending…to destroy your company.”

“Traditionally, the publicly-traded companies have been gun-shy about spending big directly to support or defeat high-profile candidates. Instead, the utilities have contributed to political groups run by larger business coalitions, which allow them to be politically active without drawing heat, according to Maviglio.”

“While other Democratic front runners have made more general promises to address electricity rates and hold the industry accountable, Steyer has gotten specific. He’s repeatedly skewered companies by name, said he wants to “break up” their monopolistic power and promised to slash their profit rates.”

“it’s clear that Steyer has attracted the personal attention of Edison International CEO Pedro Pizarro. The executive called out Steyer by name during an earnings call last month…”

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