itemprop=description content=Is San Francisco ready for an alternative to PG&E? Dennis Herrera and the SFPUC outline a different way to source The City's power
It is not a surprise to see PG&E once again asking its customers to dig into their own pockets to pay for its mistakes. It’s how the utility wriggled out of its first bankruptcy two decades ago, and how the company emerged from its most recent bankruptcy in 2020.
Public utilities don’t need to turn a profit to pay executive bonuses or Wall Street investors. They also don’t have to pay corporate income taxes, and can often borrow money for major improvements at lower interest rates than PG&E. That is why the City of San Francisco is moving forward with our effort to purchase the local electric grid from PG&E and expand our public power system. That will allow all San Franciscans to benefit from safer, cleaner, more affordable electricity as Congress intended more than 100 years ago when it gave San Francisco the right to develop a hydroelectric system to compete with corporate monopolies like PG&E.
Our local power programs have higher customer service ratings than PG&E, and our rates remain lower than PG&E’s. Even before PG&E’s latest proposed rate increase, our public power residential customers paid roughly 30% less than PG&E customers. The City would borrow the money for the purchase by selling bonds, and pay it back over time with the revenue that comes from customers paying their electricity bill to The City. We can do that while still offering rates that are lower than PG&E’s.
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