Correct. That's the difference between the wholesale spot price on the open market and what PG&E charges consumers on their bill.

There's lots of supply and less demand at noon in June compared to 6 pm in January. You're not going to get anywhere near average retail price for exports in either case, but especially not in the first one.

Out of state buyers don't care about PG&E's liabilities either, they are choosing from competing suppliers. They are not captive to PG&E's monopoly the way consumers are, so PG&E has no hope of charging them their retail rate.