While PG&E executives and shareholders celebrate their financial windfall, monthly bills for hardworking ratepayers have ballooned, exacerbating financial strain on households already struggling with the rising cost of living. At the same time, the company is fighting to limit customers’ access to affordable, climate-friendly energy in the form of rooftop solar.
“These exorbitant profits for PG&E shareholders and its executives were extracted from millions of working families who were repeatedly punished with sky-high utility bills all of last year,” said EWG President and Bay Area resident Ken Cook.
“When will someone in the legislature introduce a measure to trim these guaranteed profits and use those funds to help working class ratepayers lower their bills, including ‘energy independence rebates’ for rooftop solar and battery storage?” said Cook.
Revenue from the utility's electricity operations soared over 15 percent, or $17.42 billion, in 2023 compared to 2022, according to its latest financial report, released this week. Revenue for its natural gas services jumped by roughly 6 percent to surpass $7 billion.
Despite these exorbitant gains, PG&E has shown no signs it plans to ease the growing financial burden on its captive ratepayers.
Instead, PG&E continues to push the California Public Utilities Commission to approve more rate hikes. In early January, the utility implemented a 13 percent rate hike approved by the commission that will add an average of $33 to household electricity bills. The company has submitted to the commission another proposed monthly rate hike of $14.
“Between its rank greed and rampant property destruction from wildfires, it’s difficult to identify another company that has inflicted more harm to the residents of the state than PG&E,” Cook said.
And the utility’s greed doesn’t stop there. The utilities commission will soon consider imposing a new monthly utility tax on all California ratepayers based on income that could add up to $70 a month to bills, regardless of how much electricity the customer uses.
The utility tax provision was slipped into the state’s annual budget in June 2022, requiring the commission to implement it. The controversial language was buried in legislation known as a budget trailer bill so that lawmakers were not likely to see it. It was ultimately approved by both the Senate and Assembly.