It's the opposite of a contradiction. PG&E must have its pricing and capital expenditures approved by the government. It is a borderline government entity.
Only theoretically. PG&E's dividend yield is worse than savings accounts currently, and its stock price hasn't gone anywhere in 40 years. In fact, if you invested before the 2017 fires, you could have lost 85% of your money and, to compensate for your trouble, not even received a single red cent of dividend in six years.
"Borderline government entity" seems more reflective of reality.
