San Francisco, California – Customers of PG&E in California are expressing frustration over the utility company’s significant increase in profit for 2023. The company reported a profit of $2.24 billion, a nearly 25% increase from the previous year. This news comes as customers have experienced multiple rate hikes, leading to higher utility bills.
Some residents, like Fremont’s Robert Carter, are finding it increasingly difficult to make ends meet due to the rising costs. Carter highlighted how the continuous increase in utility bills is impacting the ability to manage daily expenses.
PG&E, on the other hand, remains optimistic about the future and emphasizes its commitment to safety and financial performance. However, Mark Toney from the Utility Reform Network argues that the California Public Utilities Commission should reevaluate these rate hikes to ensure they align with consumers’ needs.
Toney believes that the current situation, where rate-paying customers are facing surging bills while the company reports record profits, is unacceptable. He stresses the importance of implementing a cap on annual rate increases to protect customers from excessive financial burdens.
Despite these calls for action, the 13% rate hike implemented by PG&E at the beginning of the year continues to impact customers. Many, like Carter, are considering relocating due to the financial strain caused by the escalating costs in California.
As customers grapple with these challenges, the debate over utility rates and profits in California is ongoing, with no clear resolution in sight. The tension between consumer affordability and company profitability remains a significant issue for residents across the state.