PG&E Profits Soar, Powered by Increases in Electricity and Gas Revenue

Source: Mercury News |  By George Avalos

During the April through June second quarter, PG&E posted a profit of $520 million — up 28.1% from the utility titan’s profits from the same three-month period the year before, the company reported Thursday. Oakland-based PG&E generated $5.99 billion in operating revenue in the 2024 second quarter — up 13.2% from the same quarter in 2023.

The utility titan is unlikely to keep bill increases within the inflation rate, according to Mark Toney, executive director of The Utility Reform Network, or TURN, a consumer group. Toney believes this is the case because PG&E is expected to pursue multiple proceedings that could shove monthly bills even higher if the state Public Utilities Commission approves the requests.“PG&E has so many proposals that are pending or will be filed for rate increases,” Toney said. “I don’t believe PG&E is going to keep rate increases within inflation. PG&E has too many rate requests coming up.” Toney remained skeptical that PG&E can keep increases in monthly charges close to or below the pace of inflation. “I’ll believe it when I see it,” Toney said. “Customers are going to have to pay more.”