PG&E profits soar after rate hikes [Video]

PG&E reports it made a $2.24 billion dollar profit last year — a 24% increase from the year before.

In a call with investors, PG&E credits last year’s rate increases with boosting its bottom line and said it expects to remain profitable through 2028.

“Shareholders are pocketing money based on record rate increases,” said Mark Toney, executive director of the non-profit TURN, the Utility Reform Network.

Toney said PG&E is planning to ask state regulators to approve more rate hikes in the future.

“PG&E has currently sitting on the desk of the California Public Utilities Commission, no less than 12 separate proposals for increases – twelve,” he said.

PG&E said it needs that money to bury more than 1,200 miles of power lines underground for wildfire prevention. Its vast network stretches from Eureka in Northern California south to Bakersfield. 

By law, they’re allowed to make a profit on those safety improvements:

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