Despite its profitability, PG&E doesn't want to be in the hydro business anymore. The utility has a plan to transfer all its dams to a sister company -- a move that could raise and lower water levels in lakes, take drinking water out of state regulation, manipulate the price of electricity and put watersheds in the hands of timber companies. And it's not just in California; another PG&E affiliate is buying up dams in New England too. If the plan goes through, the two PG&E affiliates would be the largest owners of electric generation in the nation.
