State Reins in Profits for PG&E, Other Utilities, as Bill Debate Rages

Source: The Mercury News  |  By George Avalos

State regulators Thursday reined in the profit returns that shareholders of PG&E and other utility providers can harvest, a decision that failed to quell a debate over whether customers can easily afford to pay their monthly electric and gas bills.  The state Public Utilities Commission voted 4-1 to approve slightly lower rates of return for shareholders starting in 2026 compared to current levels.

The Utility Reform Network also disagreed with the decision because the PUC didn’t sufficiently reduce PG&E’s rate of return.  “Revising the decision in favor of utility shareholders is more than just buckling under pressure from PG&E and other major utilities,” TURN Executive Director Mark Toney said. “It is part of a disturbing pattern of commissioners disregarding proposals to address the affordability crisis.”