TURN Applauds CPUC Decision to Reduce Utility Return on Equity, Saving Ratepayers Hundreds of Millions in 2025
Oakland, CA – TURN proudly announces a significant win for California ratepayers! The California Public Utilities Commission (CPUC) has issued a decision that will reduce shareholder profits for the state’s largest energy utilities, including PG&E, SCE, SoCalGas, and SDG&E. Effective January 1, 2025, this change will also reduce utility rates and save consumers hundreds of millions of dollars.
This victory comes after years of TURN's advocacy for reforms to the Cost of Capital Mechanism (CCM), which has long been biased in favor of utility shareholders. With this decision, the ROE increase for 2025 will be significantly smaller, saving customers more than $350 million for the year.
“While this reduction is a positive step, TURN emphasizes that it is only a small step given the numerous utility rate increase requests still awaiting Commission action. We urge the CPUC to seize every opportunity within its authority to reject rate increases and, where possible, deliver rate decreases” said TURN’s Communications Director Lee Trotman. “TURN remains committed to providing the Commission with analysis and recommendations that prioritize ratepayer relief.”
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Contact: Lee Trotman • TURN Communications Director • Ltrotman@turn.org • (415) 248-8446
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