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2mo ago

PG&E Seeks Rate Hike to Boost Investor Returns Amid Public Backlash

The proposed increase, under review by the CPUC, would raise customer bills by $5.50 per month starting in 2026, drawing criticism over affordability and record profits.

Sep 25, 2019 San Ramon / CA / USA – PG&E (Pacific Gas and Electric Company) sign at their headquarters in East San Francisco Bay Area
Stock image/file photo: U.S. Dollars and plug laid over a utility bill.
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Overview

  • PG&E has requested an 11.3% return on equity from the California Public Utilities Commission, citing investor risks like inflation, climate change, and wildfire mitigation.
  • If approved, the rate hike would increase customer bills by $5.50 per month beginning in January 2026, making PG&E the most profitable utility in the U.S.
  • The Utility Reform Network (TURN) and State Senator Aisha Wahab oppose the proposal, arguing it prioritizes shareholder profits over customer affordability.
  • PG&E customers already face some of the highest energy costs in the nation, with six rate increases implemented in 2024 alone.
  • State Senator Wahab has introduced legislation to limit utility companies to one rate increase per year as public criticism of rising costs intensifies.