PG&E Profits Soar Amid Controversial Rate Hikes and Customer Frustration
Source: Sierra Daily News | By Sierra Daily News
PG&E shattered profit records for the second year in a row. The utility announced Thursday it made $2.47 billion in profits in 2024. Over the same time, California state regulators agreed to six separate rate increases. The recent approval of two additional rate hikes for Pacific Gas and Electric Company (PG&E) by the California Public Utilities Commission has sparked significant concern among customers. These increases, which mark the fifth and sixth hikes for the utility in 2024, are intended to support vegetation management and extend the operation of the Diablo Canyon Power Plant. The increases will be gradually implemented on customer bills starting in 2026.
However, critics like Mark Toney from The Utility Reform Network argue that mismanagement has led to these financial burdens, citing overspending in past budgets.
