After Rate Hikes this Year, PG&E Announces Nearly 25% Increase in Profits to $2.2B for 2023

Source: ABC7 News  |  By Tim Johns

The Pacific Gas and Electric Company (PG&E) announced on Thursday that it saw an almost 25 percent increase in profits for 2023. This comes after the utility company slapped customers with substantial rate hikes at the beginning of this year.

"These outrageous profits that the PG&E shareholders are pocketing are coming out of the pockets of customers," said Mark Toney. Toney works for The Utility Reform Network or TURN. He says the profits are a slap in the face to customers after substantial rate hikes at the beginning of this year. "I think a lot of people get upset and say, PG&E cries poor me and yet they have plenty of money," Toney said. And with PG&E anticipating perhaps even better profits for this year, TURN says it wants concrete action to stop bills from rising further. "We need a cap on rate increases to be no more than the cost of living adjustment provided by social security," Toney said.