‘Outrageous and Unacceptable’: PG&E’s Massive 2023 Profit Frustrates Customers

Source: KRON 4  |  By Dan Kerman

Some PG&E customers are frustrated after hearing the utility increased its profit by almost 25 percent last year, while consumers have seen their rates go up.  PG&E just reported a profit for 2023 of $2.24 billion. That comes following a series of rate hikes that have made customer bills go through the roof.

Mark Toney with the Utility Reform Network believes it’s time the California Public Utilities Commission stops rubber-stamping these rate hikes and does what he says is right for consumers.“The fact that PG&E is booking record profits for shareholders while ratepaying customers have record high bills is completely outrageous and unacceptable,” he said. “Turn has been calling for a cap to annual rate no higher than the cost of living adjustment that’s provided each year by social security.”