MENDOCINO CO., 3/21/25 – PG&E is requesting another rate hike to help pay its shareholders more, the utility said Thursday.
The request comes the same week as PG&E announced its spring residential customer credits and launched a program giving away free trees to customers with the Arbor Day Foundation.
If approved by the California Public Utilities Commission, the state agency that regulates private utility providers, the increase will tack on an average of $5.50 per month on customers’ bills.
It will be the seventh rate hike for PG&E since 2024.
The rationale behind the increase? To put more money in the pockets of shareholders, the utility said. The more investors make in dividends, the more investors will keep their stock. It will also attract more investors to buy PG&E stock.
The hike would increase the dividend that shareholders receive each quarter, which is currently $0.025 a share. That means if you own 100 shares of PG&E stock, which average $17 per share, you will receive on average $2.50 each quarter.
It is unclear what the dividend will be if the request is approved.
More investors also mean more upfront capital for PG&E to use for projects critical to its infrastructure, the utility said. That includes undergrounding power lines and other wildfire mitigation projects.
According to PG&E, it all comes down to the high price of doing business.
The utility blames inflation, climate change and supply disruptions. It also blames California policies that hold utility companies liable for damages caused by their equipment.
It also cites “recent federal government actions that could impact costs.”
If approved, the rate hike will start Jan. 1, 2026.
Bullshit