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PG&E’s massive 2023 profit frustrates customers: ‘Outrageous and unacceptable’


Many PG&E customers are feeling frustrated with the utility’s recent financial report, which revealed a substantial increase in profit despite ongoing rate hikes. In 2023, PG&E reported a profit of $2.24 billion, leaving consumers grappling with rising bills.

Residents like Robert Carter from Fremont are finding it increasingly difficult to manage their expenses amidst these rate hikes. Carter expressed his concerns, stating, “The situation is becoming kind of untenable now. It just keeps eating into the money that we can use to live.”

Despite consumer frustration, PG&E remains optimistic about its future endeavors. The utility emphasized its commitment to safety and financial performance, particularly in addressing climate challenges.

However, Mark Toney, representing the Utility Reform Network, believes that the California Public Utilities Commission needs to step in and prioritize consumers’ interests over shareholder profits. Toney has been advocating for a cap on annual rate increases to ensure they align with the cost of living adjustment.

As customers grapple with the recent 13% rate hike, the pressure to manage utility costs is becoming increasingly burdensome. Many are left questioning whether the utility’s profit margins are fair, especially as they struggle to make ends meet.

For some, like Carter, the financial strain may even prompt consideration of relocating from California. The economic challenges posed by escalating utility bills are forcing residents to reevaluate their living situations and weigh their options carefully.

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