Pacific Gas and Electric has decided their record $2.47 billion in profits —an increase from it's previous record set last year —just isn't quite enough.
The monopoly — famous for burning down half of California —just filed a request to jack up rates again (because six rate hikes in 2024 wasn't enough). They're asking for another $5.50 per month from residential customers, starting January 2026, to "adequately compensate investors." Won't someone please think of the investors?
Democratic State Sen. Aisha Wahab had the nerve to suggest that maybe, just maybe, utilities shouldn't get to raise rates whenever they feel like it. Her proposal would limit rate hikes to one per year and cap them at the Consumer Price Index. I smell communism!
PG&E spokesperson Lynsey Paulo assures us this is all about "minimizing costs over time." We're sure that's exactly what their shareholders had in mind. Just remember that the next time you open your utility bill and get a heart attack.
Previously:
• Camp Fire: PG&E pleads guilty to 84 counts of involuntary manslaughter for negligence in California's worst wildfire
• Power going out for Northern California again, thanks PG&E
• Utility company asks for proof that a $280 million emerald was lost in California wildfire
