American/California confuses my tiny English brain >be freedom-loving capitalist America >be freedom-loving state of California and electrical engineering cent

American/California confuses my tiny English brain >be freedom-loving capitalist America >be freedom-loving state of California and electrical engineering centre of the world >the government tells utility companies exactly how much yield they can make >down to a tenth of a percent >don’t worry bro this is about protecting_customers >the yield is on infrastructure and is extremely non-cyclical and effectively backstopped by the state of California. It’s a 30y investment at a time when 30y t bills are at ~5% >sets the yield at 10.3% What am I missing?