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Doubts SSJID can be better than PG&E

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POSTED October 3, 2009 2:15 a.m.
Editor, Manteca Bulletin,
On Sept. 22, 2009, I received a mailer from South San Joaquin Irrigation District stating: “Energy for 15% Less: Interested?” Well as a farmer and owner of PG&E stock, it got my attention. The answer to their question as I quote, “PG&E has to pay its shareholders an 11% dividend each year.” On Sept. 22, 2009, the day I received the mailer, PG&E shares closed at $40.46. They pay an annual dividend of $1.68. That equates to 4.15% - a far cry from the 11% that SSJID is stating. How many other untruthful statements are in this mailer?

SSJID states they earn about $10 million annually selling electricity on the wholesale market. If they truly wanted to save me money, they could eliminate my irrigation tax or pay out the $10 million on a per acre basis, without any risk of losing money trying to run a large electrical utility.

Oh! And by the way, if you believe they can buy the PG&E electrical facilities in Manteca, Escalon and Ripon areas for $79.5 million, I have a bridge I would like to sell you.
Gorman Houbein
Manteca
Sept. 24, 2009
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