PG&E Raked in Billions this Year. Our Bills were Raised Six Times

Source: San Francisco Standard  |  By Kevin Truong

PG&E had profits in 2023 of $2.24 billion, a 24% increase from the previous year, and is on track to earn more in 2024. The company’s share price is up more than 12% from the beginning of the year, and its last reported quarterly profit, $791 million, exceeded Wall Street analyst expectations. All told, PG&E saw profits of more than $2 billion in the first three quarters. The Utility Reform Network, a nonprofit that advocates for imposing regulatory guardrails, is trying to pass state legislation that would stop utilities from being able to pass along to customers the costs of lobbying or advertising. A previous version of the bill died this year in committee.

Mark Toney, executive director of the Utility Reform Network, said PG&E has more rate increase proposals scheduled to go in front of regulators in the coming months. “When you open your bill, you get the initial rate shock, but you also get hit with the impact of higher energy prices at the grocery store,” Toney said. “High energy prices filter down to nearly everything you buy.” He said the reduction in wildfires caused by PG&E is evidence that the utility is taking steps to improve safety, but he takes issue with the lack of oversight of its spending. For instance, he pointed out that PG&E has prioritized burying power lines, an expensive and labor-intensive method, over insulating them, which is roughly five times cheaper. “2024 has been pretty harsh on PG&E ratepayers,” Toney said. “We’re campaigning for affordable power, the ability to cap and limit rate increases, and new guidelines for spending and overspending.”