PG&E Says Rate Hike, Massive Earnings Increase Are Not Related: Report

PITTSBURG, CA — PG&E recently raised rates and saw a spike in profits, but the two are not related, a company spokesperson said last week, as reported by KGO.

The rate hike started Jan. 1 and a month later the company announced 2023 profits were up nearly 25 percent to more than $2.2 billion, KGO reported.

"A financially healthy utility is a good thing for our customers, because we can borrow and do these infrastructure projects at more affordable rates," spokesperson Rob Stillwell said Friday at a Coffee Connect event in Pittsburg, according to KGO. "But the notion that anything coming out of our earnings report is in direct result of the rate increase, is completely false."

The new rate raises bills by $33 each month, according to The San Francisco Standard, which reported the company has two pending increase requests, both related to wildfires, among other factors. If the requests are approved, bills would go up $15 each month through 2024 before dropping in 2025, the Standard reported.