PG&E Reports Profit of More than $2 Billion for 2024; Utility Expects to Collect Even More in 2025

Source: Mercury News/Bay Area News Group |  By George Avalos

PG&E noted multiple benchmarks in its earnings report and in additional information sent to this news organization.

— The utility completed 366 miles of system hardening, consisting of 258 miles of underground power lines and 108 miles of stronger poles and overhead components.

— PG&E connected nearly 14,000 new customers to the electric system, approximately 30% more than the company had expected.

“This is the second year in a row of record-breaking profits for PG&E,” said Mark Toney, executive director of consumer group The Utility Reform Network. “The shareholders are getting a lot of love. But while PG&E investors are feeling the love, the customers are only feeling the pain.” “When you keep adding to the rate base with higher bills, you keep adding to earnings,” Toney said. “The record-setting profits will give the legislature the incentive to pass bills to control shareholder profits and protect customers.”