Atmospheric rivers are not the only thing coming fast and furious at Northern Californians.
The California Public Utilities Commission on Friday indicated it is cueing up yet another rate increase for PG&E.
This time it’ll cost the average PG&E ratepayer roughly $5 a month.
Don’t confuse it with the average rate hike of $35 approved in November by the CPUC that went into effect Jan. 1.
That rate hike will be reflected in PG&E customer bills received this month.
And don’t get it mixed up with a rate hike request PG&E made on Dec. 1 to increase the average customer’s bill by $14 a month.
At the same disregard other pending rate hike requests — including one that actually reimposing a previous rate hike that lapsed that provided incentive pay to retain Diablo Canyon nuclear power plant workers. Those rate hikes are a dollar or less on average in terms of impacting monthly bills.
This one is for $516 million the for-profit utility spent in 2022 on wildfire safety and upgrades before gaining clearance from the CPUC for a pending $688 million rate hike to do the work they performed.
The CPUC, in indicating last week they want to approve the $516 million rate hike request to reimburse PG&E for infrastructure work they’ve already done before the agency in its watchdog role even vetted it publicly, said the move was needed to protect PG&E’s credit rating.
As such is clear the CPUC is not just protecting the nation’s largest retail energy provider’s credit rating but is also assuring PG&E’s profits go unscathed when it comes to spending to make up for its past failures to use money from previous rate hikes granted to specifically maintain and protect the integrity of its system.
PG&E, in the first nine months of 2023, reported net profits of $1.4 billion.
The work the CPUC basically is being asked by its staff to rubber stamp occurred more than a year ago.
There is no information provided on how the work that was either financed or paid for from rate hikes has put a ding in PG&E’s credit rating.
If PG&E had to absorb the entire $516 million, it would reduce 2023 profits revealed to date down to $900 million. Keep in mind, PG&E has yet to report its profits for the fourth quarter, or the last three months of 2023.
The CPUC plans to vote to adopt the proposal is at its March 7 meeting.
The public may comment in person in San Francisco, or provide comments by phone: in — English: 800–857–1917, passcode: 9899501#
To contact Dennis Wyatt, email dwyatt@mantecabulletin.com
