PG&E Sees Surge in Profits, Faces Criticism Over Rate Hikes
PG&E, the utility giant, has reported a significant increase in profits for the year 2023, driven by soaring revenues from electricity and natural gas. The company’s profits soared to $2.24 billion in 2023, marking a substantial rise of 24.6% compared to the previous year.
Despite this impressive financial growth, PG&E has faced criticism from various quarters, particularly from TURN (The Utility Reform Network), for prioritizing profits over the well-being of its customers. TURN has raised concerns about the impact of PG&E’s rate hikes on consumers, who already face some of the highest energy bills in the country.
In response to the criticism, PG&E has defended its position, citing the need for investments in infrastructure and technology to ensure the reliability and safety of its services. The company has also outlined plans for further rate hikes, including proposals to test adding hydrogen to its natural gas pipelines.
Meanwhile, as PG&E gears up for potential storm-related disruptions, it has issued safety tips for customers to prepare for power outages. Additionally, the company continues to expand its use of drones for utility operations, emphasizing its commitment to innovation and efficiency.
However, amidst these developments, concerns persist about PG&E’s history of safety incidents and its handling of regulatory matters. Lawmakers and customers alike are calling for greater accountability and transparency from the utility giant.
As PG&E navigates through these challenges, it remains to be seen how it will balance its financial interests with the needs and concerns of its customers and stakeholders.