If you’re a PG&E customer, you should start preparing yourself for an increase in your electricity bill. On March 1st, an 8% rate hike will go into effect
The boost was approved by the California Public Utilities Commission, a state agency which regulates California’s utilities, on December 3, after a years long battle between the utility company and multiple consumer advocacy groups. According to reporting done by the Associated Press, the rate hike will bring up residential customers monthly bills by an average of $13.44 per month, which comes out to an average of $161.28 per year.
California Public Utilities is allowing the increase under a negotiated agreement that allows PG&E to implement $1.15 billion in rate hikes from March 2021 until December 31, 2022. The hikes will provide the utility company with additional revenue they say they need to update outdated equipment and provide safe and reliable electricity. PG&E cannot use any of the $1.15 billion for executive salaries or to dig itself out of bankruptcy.