Highlights, and One Big Lowlight, from the Week’s News | Editorial
Source: Chico Enterprise-Record | By Editorial Board
Shameful. Reprehensible. Despicable. Honestly, we wish there were a stronger word to describe PG&E’s ripoff of its largely captive customer base, but we’re stuck to come up with one. The company announced Thursday it earned $2.24 billion in profits last year, an incredibly unjustifiable increase of 24.6% from 2022. Even more alarming, the report also predicted the company’s investors could anticipate even better earnings in 2024; after all, we’re not done with these rate increases. Not by a long shot. As long as there are a few extra pennies in the pocket of any customer, PG&E seems determined to find them.
The Utility Reform Network, a consumer advocacy group that goes by TURN, blasted the profit figures. “TURN believes it is unacceptable for PG&E shareholders to pocket billions in profits at the expense of its customers who have seen bills skyrocket by 33% last year alone,” said Mark Toney, the group’s executive director.
