Pacific Gas and Electric (PG&E) has requested state regulators to approve a rate increase aimed at enhancing shareholder profits. Despite already recording a significant profit of $2.47 billion for 2024, they seek to raise the investor return from 10.3% to 11.3%, which would translate to an additional $5.50 monthly charge for customers. Critics, including politicians and advocacy groups like TURN, are outraged, emphasizing that this increase is predominantly for shareholder benefits rather than customer welfare. PG&E argues this move is necessary to attract and retain investors amid rising risks in the energy sector.
"First and foremost, PG&E is increasing their rates to benefit their shareholders--pure profits. This past year alone, they made $2.47 billion in pure profits."
"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."
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