SDG&E is Making More Money Than Ever Before and Ratepayers are Noticing

Source: NBC San Diego |  By Kelvin Henry

SDG&E's profits have soared in recent years and ratepayers are taking notice after seeing higher monthly bills. The utility company that serves more than 3 million people in San Diego County says a large reason why their profits are up is because of record investments that improve their products for ratepayers. The utility company reportedly made over $900 million in profits in 2022.

Critics like Mark Toney, Executive Director of The Utility Reform Network, say their earning model is unsustainable. “SDG&E is recording record profits. Nearly a billion dollars in the past year and this is something that’s of a lot of concern,” Executive Director of The Utility Reform Network Mark Toney told NBC 7's Kelvin Henry. Utility companies like SDG&E often cite climate change, the rise of electric vehicles and the battery storage necessary to sustain them as factors driving costs up. Toney says costs are about priorities. "Every utility company, including SDG&E, has choices to make as to where to make their investment and how to make things as safe as possible at the most cost-effective manner," Toney said. "There needs to be a cap on annual rate increases and the cap should be no more than the cost of living adjustment that social security recipients receive," Toney said.