PG&E seeks to raise California customer bills again

Pacific Gas and Electric Co. (PG&E) wants to raise bills for millions of customers in California. The company claims this increase is necessary to provide better returns for its investors. PG&E serves about 16 million people in the state. The proposed rate hike could raise residential bills by about $5.50 per month. This request has been made to the California Public Utilities Commission and follows several rate increases approved last year. California has some of the highest electricity rates in the country, almost double the national average. PG&E says the rate increase is needed to compensate investors for their risks. The company posted a record profit of $2.47 billion last year. Despite this, PG&E argues it pays the lowest dividend in the utility industry and reinvests most of its earnings back into safety and reliability improvements. Many experts and officials have raised concerns about the impact of rising rates on low-income residents. They note that higher electricity costs put a significant burden on these households. If the proposal is approved, the new rates would likely begin on January 1, 2026. PG&E's move is part of a broader pattern of rising utility costs in California.