SACRAMENTO, Calif. – Pacific Gas & Electric’s $2.47 billion record-smashing profit for 2024 comes as the California Public Utilities Commission, or CPUC has approved an outrageous six rate increases in the same year.
For the second time in two years, PG&E has posted record profits, raising questions about the fairness of rate hikes that burden millions of Californians.
PG&E CEO Patricia Poppe announced the company’s 2024 eye-popping profits on Thursday, February 13, during an investor call.
“PG&E’s record profits come straight from ratepayers’ pockets, hitting working families the hardest while obstructing clean energy solutions,” said EWG President and Bay Area resident Ken Cook.
“The CPUC’s complete failure to protect consumers by reining in utility spending and profits should alarm every lawmaker in Sacramento. It’s time for stronger oversight by the legislature to ensure utility companies are held accountable,” Cook said.
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