PG&E Asks to Raise Rates Again and Pay Shareholders Higher Profits

The company said in a statement that it pays the lowest dividend in the utility industry and that the increase is needed to attract investors. Investors provide the upfront capital for system improvements, wildfire mitigation and safety and reliability projects.

Californians, on average, pay the second-highest electricity rates in the nation, driven mostly by PG&E and the state’s two other largest investor-owned utilities, according to a January report by the nonprofit Legislative Analyst’s Office.

“Here’s the problem,” said Lee Trotman, a spokesperson for the Utility Reform Network, or TURN, “PG&E also recorded record profits last year. For 2024, they recorded $2.47 billion in profits. That’s a record, and they did it by raising rates six times.”