PG&E has announced a record profit of $2.47 billion for the year 2024, which marks their second consecutive year of high earnings. This announcement coincides with six recent rate hikes approved by California regulators, raising concerns among consumers and lawmakers. In response, East Bay State Senator Aisha Wahab is advocating for a bill to limit utilities to one rate increase per year and to cap those increases in relation to inflation. PG&E claims it is committed to stabilizing bills for customers despite significantly rising profits.
PG&E reported record profits of $2.47 billion in 2024, coinciding with six separate rate increases approved by California regulators during the same timeframe.
Senator Aisha Wahab is proposing legislation to limit utility companies to one rate increase per year and cap increases to align with inflation.
In response to criticism, PG&E asserts it is actively working to stabilize bills for its customers, despite the significant profit increases.
The situation highlights the ongoing tension between utility profit margins and consumer rate increases, as profitability continues to rise amidst public pushback.
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