PG&E Seeks Rate Hike so Shareholders can Profit More. Here’s What it Could Cost You.
Source: ABC7 San Francisco | By Suzanne Phan
Even though PG&E customers pay some of the highest energy bills in the country, even though PG&E has shattered profit records, the utility is now asking the California Public Utilities Commission to raise rates so it could pay investors more. PG&E is asking for an 11.3% return for investors, up a percentage point from the current limit.
The Utility Reform Network, or TURN, advocates on behalf of ratepayers. "It's unbelievable. I'm floored that PG&E is asking for such a large increase in their rate of profit, their Cost of Capital application," TURN Executive Director Mark Toney said. "They apply every three years to the California Public Utilities Commission. It has to approve how much profit they can make on investments.” Last year, PG&E increased its rates six times. "There were five electricity increases and one natural gas increase," Toney said. The average residential customers paid about $440 more a year, compared to 2023.
