Yes, exactally.
A really good example that I see right now where I live is the power company, which is semi-private, has for years been working to increase energy from renewables. And they were mandated to do this by the government, it's not a choice. This is very expensive.
With other issues this summer, they applied to increase power rates by about 50% over the next year and a bit. People were of course freaking out, and the request was denied, they were given a much lower rate increase. And basically they came back and said, fine - but we can't make these infrastructure changes if that is what you are giving us.
Now, could they trim what is going to fat cats? Maybe, but that really isn't solving the problem in any serious way. Which is that they need money to do the environmental stuff, and people can't pay it. The province also is not in a position to do much for people directly. So....