Outrage Grows At PG&E 25 Percent Profit Surge Amid Rate Hikes

SAN FRANCISCO — Oakland-based utility PG&E this week reported a nearly 25 percent surge in profits last year ahead of a double-digit rate hike that took effect in January.

The power company outlined its earnings Thursday from the fourth quarter and full year of 2023, including $2.24 billion in profits and predictions that investors could expect more in 2024.

According to The Mercury News, the profit windfall follows rate hikes approved by the California Public Utilities Commission (PUC) that increased the average monthly bill by more than 22 percent in January, pushing customers' monthly bills close to $295. An interim increase could push bills even higher by May.

RELATED: Op-Ed: PG&E Profits Soar As Ratepayers Struggle With Sky-High Bills

As the newspaper reports, consumer advocates at The Utility Reform Network said it was unacceptable for the utility to "pocket billions in profits" for shareholders on the backs of customers. Other critics assailed the PUC as a "lapdog" for PG&E. A spokesperson for the commission said the PUC was holding the utility accountable while ensuring cost-effective use of funds and safety investments.

ABC 7 News noted PG&E bill payers already contended with some of the nation's highest energy bills before recent hikes and heard from customers who pointed to lengthy power outages and wondered where the money was going.

In a statement provided to ABC7 News, a PG&E spokesperson said the utility's 2024 plan included investments to keep the system safe and reliable, meet growing demand and finding ways to keep future bill increases lower.

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